eBook Show Me How Question Content Area Land Transactions on the Statement of Cash Flows Lagman Corporation purchased land for $310,000. Later in the year, the company sold a different piece of land with a book value of $114,000 for $81,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Loss on sale of land $fill in the blank 2 Cash received from sale of land $fill in the blank 4 Cash paid for purchase of land
eBook Show Me How Question Content Area Land Transactions on the Statement of Cash Flows Lagman Corporation purchased land for $310,000. Later in the year, the company sold a different piece of land with a book value of $114,000 for $81,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Loss on sale of land $fill in the blank 2 Cash received from sale of land $fill in the blank 4 Cash paid for purchase of land
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question Content Area
Land Transactions on the Statement of
Lagman Corporation purchased land for $310,000. Later in the year, the company sold a different piece of land with a book value of $114,000 for $81,000.
How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate
| Transactions | Action | Amount |
| Loss on sale of land |
|
$fill in the blank 2 |
| Cash received from sale of land |
|
$fill in the blank 4 |
| Cash paid for purchase of land |
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