Michael's Industries Purchased Some Land in Exchange for 1,000 Shares

question 100

Multiple Choice

Michael's Industries purchased some land in exchange for 1,000 shares of Michael's voting common stock with a market value of $15 each.How will this transaction be reported on the statement of cash flows?

• A)As a non-cash investing and financing transaction
• B)As a non-cash financing transaction
• C)As a non-cash investing transaction
• D)As a use of cash in the investing section and a source of financing in the financing section

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