Question Content Area 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 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
Question Content Area 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 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question Content Area
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
| 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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