Reporting Land Transactions 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 1,262,000 Mar. 12 Purchased for cash 416,000 1,678,000 Oct. 4 Sold for $229,000 196,000 1,482,000 Section of Statement of Added or Deducted Amount <> Item Cash Flows Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)
Reporting Land Transactions 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 1,262,000 Mar. 12 Purchased for cash 416,000 1,678,000 Oct. 4 Sold for $229,000 196,000 1,482,000 Section of Statement of Added or Deducted Amount <> Item Cash Flows Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)
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Reporting Land Transactions 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
1,262,000
Mar. 12
Purchased for cash
416,000
1,678,000
Oct.
4
Sold for $229,000
196,000
1,482,000
Section of Statement of
Added or Deducted
Amount
<>
Item
Cash Flows
Mar. 12: Purchase of fixed asset
Oct. 4: Sale of fixed asset
Gain on sale of fixed asset (assume the indirect method)
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