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Lamar Corporation purchased land for $150,000. Later in the year, the company sold land with a book value of $190,000 for $200,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. Transaction Gain on sale of land Cash received for sale of land Cash paid for purchase of land Amount Increase or Decrease Statement of Cash Flows Section

Lamar Corporation purchased land for $150,000. Later in the year, the company sold land with a book value of $190,000 for $200,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. Transaction Gain on sale of land Cash received for sale of land Cash paid for purchase of land Amount Increase or Decrease Statement of Cash Flows Section

FINANCIAL ACCOUNTING
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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Lamar Corporation purchased land for $150,000. Later in the year, the company sold land with a book value of $190,000 for $200,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. Transaction Gain on sale of land Cash received for sale of land Cash paid for purchase of land Amount Increase or Decrease Statement of Cash Flows Section
Transcribed Image Text:Lamar Corporation purchased land for $150,000. Later in the year, the company sold land with a book value of $190,000 for $200,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. Transaction Gain on sale of land Cash received for sale of land Cash paid for purchase of land Amount Increase or Decrease Statement of Cash Flows Section
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