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 LandACCOUNT NO. BalanceDateItemDebitCreditDebitCreditJan.1 Balance 1,003,000 Mar.12 Purchased for cash301,000 1,304,000 Oct.4 Sold for $165,000 141,000 1,163,000 ItemSection of Statement ofCash FlowsAdded or DeductedAmountMar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)

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Answered: On the basis of the details of the…

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter7: Receivables And Investments

Section: Chapter Questions

Problem 7.19E

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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			1,003,000
Mar.	12			Purchased for cash	301,000			1,304,000
Oct.	4			Sold for $165,000		141,000		1,163,000

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

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