On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land АСCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 1,002,000 Mar. 12 Purchased for cash 321,000 1,323,000 Oct. 4 Sold for $176,000 151,000 1,172,000 Section of Statement of Item Added or Deducted Amount Cash Flows Mar. 12: Purchase of fixed asset Investing activities section Added Oct. 4: Sale of fixed asset Investing activities section Added Gain on sale of fixed asset (assume the indirect method) Investing activities section Deducted

On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land АСCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 1,002,000 Mar. 12 Purchased for cash 321,000 1,323,000 Oct. 4 Sold for $176,000 151,000 1,172,000 Section of Statement of Item Added or Deducted Amount Cash Flows Mar. 12: Purchase of fixed asset Investing activities section Added Oct. 4: Sale of fixed asset Investing activities section Added Gain on sale of fixed asset (assume the indirect method) Investing activities section Deducted

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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