IZ Corporation purchased land for $425,000. Later in the year, the company sold a different piece of land with a book value of $225,000 for $270,000. How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? 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 Gain 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 $fill in the blank 6
IZ Corporation purchased land for $425,000. Later in the year, the company sold a different piece of land with a book value of $225,000 for $270,000. How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? 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 Gain 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 $fill in the blank 6
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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IZ Corporation purchased land for $425,000. Later in the year, the company sold a different piece of land with a book value of $225,000 for $270,000.
How are the effects of these transactions reported on the statement of
| Transactions | Action | Amount |
|---|---|---|
| Gain 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 |
|
$fill in the blank 6 |
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