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...

Reporting Land Transactions on Statement of Cash Flows<br>On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:<br>ACCOUNT Land<br>ACCOUNT NO.<br>Balance<br>Debit<br>Credit<br>Date<br>Item<br>Debit<br>Credit<br>Jan<br>Balance<br>1<br>940,000<br>Mar. 12<br>Purchased for cash<br>310,000<br>1,250,000<br>Sold for $170,000<br>Oct.<br>4<br>146,000<br>1,104,000<br>Section of Statement of<br>Item<br>Added or Deducted<br>Amount<br>Cash Flows<br>Mar. 12: Purchase of fixed asset<br>Oct. 4: Sale of fixed asset<br>Gain on sale of fixed asset (assume the indirect method)<br>

Extracted text: 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 Debit Credit Date Item Debit Credit Jan Balance 1 940,000 Mar. 12 Purchased for cash 310,000 1,250,000 Sold for $170,000 Oct. 4 146,000 1,104,000 Section of Statement of Item Added or Deducted Amount Cash Flows Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)

Jun 02, 2022

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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...

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