IZ Corporation purchased land for $500,000. Later in the year, the company sold a different piece of land with a book value of $250,000 for $280,000. 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 Cash received from sale of land Cash paid for purchase of land

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Land Transactions on the Statement of Cash Flows
IZ Corporation purchased land for $500,000. Later in the year, the company sold a different piece of land with a book value of $250,000 for $280,000.
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
Cash received from sale of land
Cash paid for purchase of land
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Transcribed Image Text:CengageNOWv2 | Online teachir x * CengageNOWv2 | Online teachin x v.com/iln/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. A eBook Show Me How Land Transactions on the Statement of Cash Flows IZ Corporation purchased land for $500,000. Later in the year, the company sold a different piece of land with a book value of $250,000 for $280,000. 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 Cash received from sale of land Cash paid for purchase of land Previous Next Check My Work 12:44 PI A O E D a ) 12/3/20: 70°F Sunny brt sc delete home 144 144 40 Tum ock backspace
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