About $140,000, Lamar Corporation bought a piece of property. Later this year but, the business sold land for $202,000, which had a book value of $180,000. Describe how the indirect technique is used to reflect the consequences of these events on the financial statement. Transaction Gain on sale of land Cash received for sale of land Cash paid for purchase of land Amount $fill in the blank 1 $fill in the blank 4 | $fill in the blank 7 Increase or Decreas Statement of Cash Flows Section

About $140,000, Lamar Corporation bought a piece of property. Later this year but, the business sold land for $202,000, which had a book value of $180,000. Describe how the indirect technique is used to reflect the consequences of these events on the financial statement. Transaction Gain on sale of land Cash received for sale of land Cash paid for purchase of land Amount $fill in the blank 1 $fill in the blank 4 | $fill in the blank 7 Increase or Decreas Statement of Cash Flows Section

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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