Lamar Corporation purchased land for $157,000. Later in the year, the company sold land with a book value of $190,000 for $213,000. 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

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is