Cameron Corporation purchased land for $155,000. Later in the year, the company sold a different piece of land with a book value of $68,000 for $78,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain or loss on sale of land Cash received from sale of land $ Added to net income Cash paid for purchase of land Deducted from net income No effect Part of cash flows from financing activities Part of cash flows from investing activities

Cameron Corporation purchased land for $155,000. Later in the year, the company sold a different piece of land with a book value of $68,000 for $78,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain or loss on sale of land Cash received from sale of land $ Added to net income Cash paid for purchase of land Deducted from net income No effect Part of cash flows from financing activities Part of cash flows from investing activities

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Description: Land Transactions on the Statement of Cash FlowsCameron Corporation purchased land for $155,000. Later in the year, the company sold a different piece of land with a book value of $68,000 for $78,000.How are the effects of these transactions reporte

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter13: Statement Of Cash Flows

Section: Chapter Questions

Problem 4PB: Statement of cash flowsdirect method The comparative balance sheet of Martinez Inc. for December 31,...

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