Stelling Corporation had the following transactions during 2020.Identify whether each transaction should be considered...

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Accounting

Stelling Corporation had the following transactions during 2020.Identify whether each transaction should be considered a cash flowfrom operating, investing, or financing activities, or whether thetransaction is a significant non-cash activity.
1.
Issued $120,000 worth of preferred shares in exchange forland
2.
Exchanged a vehicle worth $30,000 for computer system worth$30,000
3.
Received a cash dividend of $40,000. - if ASPE
Received a cash dividend of $40,000. - if IFRS
4. Paid $12,000 due to suppliersfor goods and services
5. Purchased shares in anothercompany as a long-term investment for $50,000 cash
6. Paid $135,000 in salaries andwages
7. Collected $30,000 fromcustomers that had purchased on account
8. Issued preferred shares for$75,000 cash
9. Sold a long-term investmentwith a cost of $80,000 for $80,000 cash
10. Collected $90,000 cash fromcustomers for goods sold

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1 Issued 120000 worth of preferred shares in exchange for land Non cash activity 2 Exchanged a vehicle worth 30000 for computer system worth 30000 Non cash activity 3 Received a See Answer

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In: AccountingStelling Corporation had the following transactions during 2020.Identify whether each transaction should be considered a...Stelling Corporation had the following transactions during 2020.Identify whether each transaction should be considered a cash flowfrom operating, investing, or financing activities, or whether thetransaction is a significant non-cash activity.1.Issued $120,000 worth of preferred shares in exchange forland2.Exchanged a vehicle worth $30,000 for computer system worth$30,0003.Received a cash dividend of $40,000. - if ASPEReceived a cash dividend of $40,000. - if IFRS4.Paid $12,000 due to suppliersfor goods and services5.Purchased shares in anothercompany as a long-term investment for $50,000 cash6.Paid $135,000 in salaries andwages7.Collected $30,000 fromcustomers that had purchased on account8.Issued preferred shares for$75,000 cash9.Sold a long-term investmentwith a cost of $80,000 for $80,000 cash10.Collected $90,000 cash fromcustomers for goods sold