Lamar Corporation purchased land for $142,000. Later in the year, the company sold land with a book value of $181,000 for $203,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. Transaction Amount Increase or Decrease Statement of Cash Flows Section Gain on sale of land $fill in the blank 1 Cash received for sale of land $fill in the blank 4 Cash paid for purchase of land $fill in the blank 7
Lamar Corporation purchased land for $142,000. Later in the year, the company sold land with a book value of $181,000 for $203,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. Transaction Amount Increase or Decrease Statement of Cash Flows Section Gain on sale of land $fill in the blank 1 Cash received for sale of land $fill in the blank 4 Cash paid for purchase of land $fill in the blank 7
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter12: The Statement Of Cash Flows
Section: Chapter Questions
Problem 12.5E
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Lamar Corporation purchased land for $142,000. Later in the year, the company sold land with a book value of $181,000 for $203,000. Show how the effects of these transactions are reported on the statement of
Transaction | Amount | Increase or Decrease | Statement of Cash Flows Section |
Gain on sale of land | $fill in the blank 1 |
|
|
Cash received for sale of land | $fill in the blank 4 |
|
|
Cash paid for purchase of land | $fill in the blank 7 |
|
|
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