Exercise 14-12A (Algo) Determining cash flows from financing activities LO 14-4 On January 1, Year 1, Fanning Company had a balance of $114,000 in its Common Stock account. During Year 1, Fanning paid $11,800 to purchase treasury stock. Treasury stock is accounted for using the cost method. The balance in the Common Stock account on December 31, Year 1, was $133,000. Assume that the common stock is no par stock. Required a. Determine the cash inflow from the issue of common stock. b. Prepare the financing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Determine the cash inflow from the issue of common stock. Common stock issued Required B >

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Exercise 14-12A (Algo) Determining cash flows from financing activities LO 14-4
On January 1, Year 1, Fanning Company had a balance of $114,000 in its Common Stock account. During Year 1, Fanning paid $11,800 to
purchase treasury stock. Treasury stock is accounted for using the cost method. The balance in the Common Stock account on
December 31, Year 1, was $133,000. Assume that the common stock is no par stock.
Required
a. Determine the cash inflow from the issue of common stock.
b. Prepare the financing activities section of the Year 1 statement of cash flows.
Complete this question by entering your answers in the tabs below.
Required A Required B
Determine the cash inflow from the issue of common stock.
Common stock issued
Required B >
Transcribed Image Text:Exercise 14-12A (Algo) Determining cash flows from financing activities LO 14-4 On January 1, Year 1, Fanning Company had a balance of $114,000 in its Common Stock account. During Year 1, Fanning paid $11,800 to purchase treasury stock. Treasury stock is accounted for using the cost method. The balance in the Common Stock account on December 31, Year 1, was $133,000. Assume that the common stock is no par stock. Required a. Determine the cash inflow from the issue of common stock. b. Prepare the financing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Required A Required B Determine the cash inflow from the issue of common stock. Common stock issued Required B >
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