FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Reporting Land Transactions on Statement of Cash Flows

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     1,296,000    
Mar. 12     Purchased for cash 389,000     1,685,000    
Oct. 4     Sold for $214,000   183,000   1,502,000    

 

Item Section of Statement of
Cash Flows
Added or Deducted Amount
Mar. 12: Purchase of fixed asset Investing activities section  Deducted  $
Oct. 4: Sale of fixed asset Investing activities section  Added  $
Gain on sale of fixed asset (assume the indirect method) Operating activities section  Deducted  $
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