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
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
Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.
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