On July 15, 2021, M.W. Morgan Distribution sold land for $35 million that it had purchased in 2016 for $22 million. What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method? The indirect method?

15. Each of the following items must be considered in preparing a statement of cash flows (indirect method) for Turbulent Indigo Inc. for the year ended December 31, 2020. State where each item is to be shown in the statement of cash flows, if at all. Items     (a) Plant assets that had cost $20,000 6 years before and were being depreciated on a straight-line basis over 10 years with no estimated scrap value were sold for $5,300.   select an option                                                                  (b) During the year, 10,000 shares of common stock with a stated value of $10 a share were issued for $43 a share.   select an option                                                                  (c) Uncollectible accounts receivable in the amount of $27,000 were written off against Allowance for Doubtful Accounts.   select an option                                                                  (d) The company sustained a net loss for the…

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Additional Information for 2021: Purchase investment in bonds for $115,000. Sell land costing $40,000 for only $31,000, resulting in a $9,000 loss on sale of land. Purchase $70,000 in equipment by issuing a $70,000 long-term note payable to the seller. No cash is exchanged in the transaction. Declare and pay a cash dividend of $30,000. Required: Prepare the statement of cash flows using the indirect method for December 31, 2021. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts.)