What is the net cash provided by investing activities? Wilma's Vegetable Market had the following transactions during 2017:1. Issued $25,000 of par value common stock for cash.2. Recorded and paid wages expense of $10,000.3. Acquired land by issuing common stock of a par value of $50,000.4. Declared and paid a cash dividend of $1,000.5. Sold a long-term investment (cost $3,000) for cash of $3,000.6. Recorded cash sales of $20,000.7. Bought inventory for cash of $2,000.8. Acquired an investment in IBM stock for cash of $6,000.9. Converted bonds payable to common stock in the amount of $10,000.10. Repaid a 6-year note payable in the amount of $11,000.What is the net cash provided by investing activities?A. ($50,000)B. $3,000C. ($3,000)D. ($6,000)E. None of the above

Step 1: Definition of Investing Activities:All the transactions that are done by a business entity…

Answered: Wilma's Vegetable Market had the…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter12: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12.14E

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In 2017, Leppard Inc. issued 1,000 shares of $10 par value common stock for land worth $40,000.(a) Prepare Leppard’s journal entry to record the transaction.(b) Indicate the effect the transaction has on cash.(c) Indicate how the transaction is reported on the statement of cash flows.
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