Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows 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 ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 229,100 Feb. 10 Purchased for cash 371,100 600,200 Nov. 20 Purchased with long-term mortgage note 486,200 1,086,400 Item Section of Statement of Cash Flows Added or Deducted Amount Purchase of land for cash Purchase of land by issuing long-term mortgage note
Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows 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 ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan. 1 Balance 229,100 Feb. 10 Purchased for cash 371,100 600,200 Nov. 20 Purchased with long-term mortgage note 486,200 1,086,400 Item Section of Statement of Cash Flows Added or Deducted Amount Purchase of land for cash Purchase of land by issuing long-term mortgage note
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows
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
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
Balance
229,100
Feb.
10
Purchased for cash
371,100
600,200
Nov. 20
Purchased with long-term mortgage note
486,200
1,086,400
Item
Section of Statement of Cash Flows
Added or Deducted
Amount
Purchase of land for cash
Purchase of land by issuing
long-term mortgage note](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F77a04e17-60d4-47e8-bd34-73dc0ab50f3b%2F3e8977c4-cd6d-4bad-9953-9ae1e2d4660d%2Fxb5ufmr_processed.png&w=3840&q=75)
Transcribed Image Text:Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows
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
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Jan.
Balance
229,100
Feb.
10
Purchased for cash
371,100
600,200
Nov. 20
Purchased with long-term mortgage note
486,200
1,086,400
Item
Section of Statement of Cash Flows
Added or Deducted
Amount
Purchase of land for cash
Purchase of land by issuing
long-term mortgage note
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