Use the following company information to prepare a schedule of significant noncash investing and financing activities:(a) Sold a building with a book value of $300,000 for $225,000 cash and sold land with a book value of $40,000 for $65,000 cash.(b) Issued 15,000 shares of $10 par value common stock in exchange for equipment with a market value of $175,000.(c) Retired a $100,000, 8% bond by issuing another $100,000, 7% bond issue.(d) Acquired land by issuing a twenty-year, 5%, $73,000 note payable.
What will be an ideal response?
| Schedule of noncash investing and financing activities: | |
| Issued 15,000 shares of common stock in exchange for equipment | $175,000 |
| Retired 8% bond payable by issuing 7% bond payable................. | $100,000 |
| Acquired land by issuing a 20-year, 5% note payable...................... | $ 73,000 |
Business
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