During the current year, XYZ Corporation had the following activities related to financial operations: Payment for the early retirement of bonds payable (carrying amount, P7,400,000) 7,500,000 Distribution of cash dividend in the current year to preferred shareholders (declared in prior year) 620,000 5,200,000 Proceeds from sale of ordinary shares Proceeds from reissuance of treasury shares (cost, P860,000) 950,000 In the statement of cash flows for the current year, what amount should be reported as net cash used in financing activities? (Indicate if provided or used)
During the current year, XYZ Corporation had the following activities related to financial operations: Payment for the early retirement of bonds payable (carrying amount, P7,400,000) 7,500,000 Distribution of cash dividend in the current year to preferred shareholders (declared in prior year) 620,000 5,200,000 Proceeds from sale of ordinary shares Proceeds from reissuance of treasury shares (cost, P860,000) 950,000 In the statement of cash flows for the current year, what amount should be reported as net cash used in financing activities? (Indicate if provided or used)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![11. During the current year, XYZ Corporation had the following activities related to financial operations:
Payment for the early retirement of bonds payable (carrying amount, P7,400,000)
7,500,000
Distribution of cash dividend in the current year to preferred shareholders
(declared in prior year)
620,000
5,200,000
Proceeds from sale of ordinary shares
Proceeds from reissuance of treasury shares (cost, P860,000)
950,000
In the statement of cash flows for the current year, what amount should be reported as net cash used in financing
activities? (Indicate if provided or used)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6f78b7d0-2c83-4ae1-a4a6-4f9c727ffbf3%2F065ed950-a39b-4b41-9f59-3b677ddca18b%2Fju0qh3a_processed.png&w=3840&q=75)
Transcribed Image Text:11. During the current year, XYZ Corporation had the following activities related to financial operations:
Payment for the early retirement of bonds payable (carrying amount, P7,400,000)
7,500,000
Distribution of cash dividend in the current year to preferred shareholders
(declared in prior year)
620,000
5,200,000
Proceeds from sale of ordinary shares
Proceeds from reissuance of treasury shares (cost, P860,000)
950,000
In the statement of cash flows for the current year, what amount should be reported as net cash used in financing
activities? (Indicate if provided or used)
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