123) Small Track Corporation purchased on account a new grooming machine on September 13, 2011, from a Welsh company for 250,000 British pounds. Small Track paid the Welsh company on September 26,...

123) Small Track Corporation purchased on account a new grooming machine on September 13, 2011, from a Welsh company for 250,000 British pounds. Small Track paid the Welsh company on September 26, 2011. The British pound was worth $1.75 on September 13, 2011, and $1.77 on September 26, 2011.

Prepare entries for Small Track Corporation needed on September 13 and September 26, 2011.

124) Complete the chart below to show the effect of the following transactions on a cash flow statement. a.Purchased short-term investments.

b.Sold long-term investments.

c.Purchased long term investments.

d.Purchased 30% of a corporation to be accounted for under the equity method.