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Land costing $41,838 was sold for $87,212 cash. The gain on the sale was reported on the income statement as “Other revenue.” On the statement of cash flows, what amount should be reported as an investing activity from the sale of land? a.$87,212 b.$129,050 c.$45,374 d.$41,838

Land costing $41,838 was sold for $87,212 cash. The gain on the sale was reported on the income statement as “Other revenue.” On the statement of cash flows, what amount should be reported as an investing activity from the sale of land? a.$87,212 b.$129,050 c.$45,374 d.$41,838

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter15: Statement Of Cash Flows
Section: Chapter Questions
Problem 6DQ
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Land costing $41,838 was sold for $87,212 cash. The gain on the sale was reported on the income statement as “Other revenue.” On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

a.$87,212

b.$129,050

c.$45,374

d.$41,838

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