Business, 18.06.2020 22:57 xxhighwolfxx7508
Reporting Land Transactions on Statement of Cash Flows
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:
ACCOUNT Land ACCOUNT NO.
Balance
Date Item Debit Credit Debit Credit
Jan. 1 Balance 1,223,000
Mar. 12 Purchased for cash 404,000 1,627,000
Oct. 4 Sold for $222,000 190,000 1,437,000
Item Section of Statement of
Cash Flows Added or Deducted Amount
Mar. 12: Purchase of fixed asset Investing activities section Deducted $
Oct. 4: Sale of fixed asset Investing activities section Added $
Gain on sale of fixed asset (assume the indirect method) Operating activities section Deducted $
Answers: 3
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Reporting Land Transactions on Statement of Cash Flows
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