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Ulleksa [173]
3 years ago
5

A company reported that its bonds with a par value of $50,000 and a carrying value of $57,000 are retired for $60,000 cash, resu

lting in a loss of $3,000. The amount to be reported under cash flows from financing activities is:
a.$3,000 outflow.
b.$60,000 outflow.
c.$57,000 outflow.
Business
1 answer:
kherson [118]3 years ago
3 0

Answer:

b.$60,000 outflow.

Explanation:

Cash flows from financing activities

Retiring value of bonds for cash    -$60,000

Cash flow from financing activities -$60,000

Since the cash flow statement records only cash transactions. So in the given case, the bonds are retired for $60,000 in cash that reflects the cash outflow and the same is to be presented on the financial statements

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