Multiple Choice Question 106 In Coronado Company, there was an increase in the l

Question

Multiple Choice Question 106 In Coronado Company, there was an increase in the land account during the year of $43000. Analysis reveals that the change resulted from a cash sale of land at cost $114600, and a cash purchase of land for $15 of cash flows, the change in the land account should be reported in the investment section: 7300. In the statement as a purchase of land $157300 and a sale of land $114600. only as a sale of land $114600. only as a purchase of land $157300. as a net purchase of land, $43000. O O

Explanation / Answer

In Coronado Company, there was an increase in the land account during the year of $43,000. Analysis reveals that the change resulted from a cash sale of land at cost $114600and a cash purchase of land for $157300. In the statement of cash flows, the change in the land account should be reported in the investment account.

Solution:

As a purchase of land 157300 and a sale of land 114600

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