crabtree corporation had the following transactions 1 sold land cost 12 000 for 15 0 4139292
Crabtree Corporation had the following transactions.
1. Sold land (cost $12,000) for $15,000.
2. Issued common shares for $20,000.
3. Recorded depreciation on buildings for $17,000.
4. Paid salaries of $9,000.
5. Issued 1,000 common shares in exchange for equipment with market value of $8,000.
6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $1,200.
Instructions
For each transaction above, (a) prepare the journal entry, and (b) indicate how it would affect the statement of cash flows using the indirect method.
Crabtree Corporation had the following transactions 1 Sold land cost 12 000