In Shannon Company, there was an increase in the land account during the year of

ID: 2360006 • Letter: I

Question

In Shannon Company, there was an increase in the land account during the year of $48,000. Analysis reveals that the change resulted from a cash sale of land at a cost $110,000, and a cash purchase of land for $158,000. In the statement of cash flows, the change in the land account should be reported in the investment section: Answer A. as a net purchase of land, $48,000. B. only as a sale of land $110,000. C. only as a purchase of land $158,000. D. as a purchase of land $158,000 and a sale of land $110,000.

EXPLAIN IF YOU WANT ME TO RATE YOU! In Shannon Company, there was an increase in the land account during the year of $48,000. Analysis reveals that the change resulted from a cash sale of land at a cost $110,000, and a cash purchase of land for $158,000. In the statement of cash flows, the change in the land account should be reported in the investment section: as a net purchase of land, $48,000. only as a sale of land $110,000. only as a purchase of land $158,000. as a purchase of land $158,000 and a sale of land $110,000.

EXPLAIN IF YOU WANT ME TO RATE YOU! A. as a net purchase of land, $48,000. B. only as a sale of land $110,000. C. only as a purchase of land $158,000. D. as a purchase of land $158,000 and a sale of land $110,000.

EXPLAIN IF YOU WANT ME TO RATE YOU!

Explanation / Answer

a. as a net purchase of land, $48,000

. b. only as a purchase of land $158,000.

c. as a purchase of land $158,000 and a sale of land $110,000.

d. only as a sale of land $110,000.

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In Shannon Company, there was an increase in the land account during the year of

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