Chapter 16, Problem E16.25E

Identifying and reporting non-cash transactions
Learning Objective 2
Total Non-cash Inv and Fin Act $153,000

Dirtbikes, Inc identified the following selected transactions that occurred during the year ended December 31, 2018:

1. Issued 750 shares of $3 par common stock for cash of $17,000.
2. Issued 5,100 shares of $3 par common stock for a building with a fair market value of $90,000.
3. Purchased new truck with a fair market value of $29,000. Financed it 100% with a long-term note.
4. Retired short-term notes of $28,000 by issuing 1,900 shares of $3 par common stock.
5. Paid long-term note of $10,500 to Bank of Tallahassee. Issued new long-term note of $23,000 to Bank of Trust.

Identify any non-cash transactions that occurred during the year, and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows.