Pharoah Corporation reported the following information (in thousands) at December 31, 2018: 2018 2017 Dividends...
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Pharoah Corporation reported the following information (in thousands) at December 31, 2018: 2018 2017 Dividends payable $ 25 $ 10 Bank loan payable-current portion 220 220 Bank loan payable-non-current portion 420 330 Common shares 650 475 Retained earnings 760 575 Additional information: 1. The bank loan was increased by additional borrowings of $380 to partially finance the purchase of new equipment that cost $500. The bank loan was decreased by repayments. 2. Common shares were issued during the year. None were reacquired. 3. Dividends were paid during the year. 4. Net income for the year was $430. Prepare the financing activities section of Pharoah's statement of cash flows for the year. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) PHAROAH CORPORATION Statement of Cash Flows (Partial) ($ in thousands) Financing activities $ $ Note X to the Statement of Cash Flows: During the year, the company purchased equipment costing $500 by paying $120 cash and issuing a $ bank loan payable
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