11/29/17, 2 57 PM Reporting Land Transactions on On the basis of the details of

Question

11/29/17, 2 57 PM Reporting Land Transactions on 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 Mar. 12 Purchased for cash 291,000 Oct.4 Sold for $160,000 883,000 1,174,000 137,000 1,037,000 Section of Statement of Cash Flows Added or Amount Deducted Item Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method) ore Check My Work uses remaining. .com/activityservicerun htmas andlerjap?id.781 ce gage ow co sedin c-activityse vice activity isn985340457aid 1 Page 1 of 1

Explanation / Answer

Recording land transaction :

Section of statement of cash flow Added or deducted amount Mar 12 purchase of fixed assets Cash flow from investing activity Deducted 291000 Oct 4 sale of fixed assets Cash flow from investing activity Added 160000 Gain on sale of fixed assets (assume indirect method) Cash flow from operating activity Deducted 23000

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