Land Transactions on the Statement of Cash Flows Milo Corporation purchased land

Question

Land Transactions on the Statement of Cash Flows Milo Corporation purchased land for $540,000. Later in the year, the company sold a different piece of land with a book value of $270,000 for $180,000. transactions reported on the statement of cash flows assuming the indirect method is used? Use the minus sign to indicate cash out flows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on cash flows, select "No effect' from the drop down menu and leave the amount box blanik. the statement of Transactions Amount Loss on sale of land Cash received from sale of land Cash paid for purchase of land MacBook Air 888 F 5 8 Ul

Explanation / Answer

Extract of Cash flow (Indirect Method) Particulars Amount Amount Net Income Loss on Sale of Land (270000-180000) 90,000 Cash flow from operating activities 90000 Cash flow from Investing activities Purchase of Land          (540,000) Sale of Land            180,000 Cash flow from Investing activities       (360,000)

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