1. During 2020, Regis Inc. had the following activities related to its financial operations: Carrying value of convertible preferred stock in Regis, converted into common shares of Regis Payment in 2020 of cash dividend declared in 2019 to preferred shareholders Payment for the early retirement of long-term bonds payable (carrying amount $3,930,000) Proceeds from the sale of treasury stock (on books at cost of $387,000) $ 540,000 279,000 3,975,000 450,000 The amount of net cash used in financing activities to appear in Regis' statement of cash flows for 2020 should be a. $2,985,000. b. $3,264,000. c. $3,804,000. d. $3,822,000.
1. During 2020, Regis Inc. had the following activities related to its financial operations: Carrying value of convertible preferred stock in Regis, converted into common shares of Regis Payment in 2020 of cash dividend declared in 2019 to preferred shareholders Payment for the early retirement of long-term bonds payable (carrying amount $3,930,000) Proceeds from the sale of treasury stock (on books at cost of $387,000) $ 540,000 279,000 3,975,000 450,000 The amount of net cash used in financing activities to appear in Regis' statement of cash flows for 2020 should be a. $2,985,000. b. $3,264,000. c. $3,804,000. d. $3,822,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. During 2020, Regis Inc. had the following activities related to its financial operations:
Carrying value of convertible preferred stock in Regis,
converted into common shares of Regis
Payment in 2020 of cash dividend declared in 2019 to
preferred shareholders
Payment for the early retirement of long-term bonds payable
(carrying amount $3,930,000)
Proceeds from the sale of treasury stock (on books at cost of $387,000)
$ 540,000
279,000
3,975,000
450,000
The amount of net cash used in financing activities to appear in Regis' statement of cash flows for
2020 should be
a. $2,985,000.
b. $3,264,000.
c. $3,804,000.
d. $3,822,000.
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