Arnett Company was started in 2013 when it acquired $30,000 cash by issuing common stock to Dan Arnett.
Required:
a. Was this event an asset source, use, or exchange transaction for Arnett Company?
b. Was this event an asset source, use, or exchange transaction for Dan Arnett?
c. Was the cash flow an operating, investing, or financing activity on Arnett Company's 2013 statement of cash flows?
d. Was the cash flow an operating, investing, or financing activity on Dan Arnett's 2013 statement of cash flows?