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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. 1     Balance     919,000     Mar. 12     Purchased for cash 276,000     1,195,000     Oct. 4     Sold for $152,000   130,000   1,065,000       Item Section of Statement ofCash Flows Added or Deducted Amount 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. 1     Balance     919,000     Mar. 12     Purchased for cash 276,000     1,195,000     Oct. 4     Sold for $152,000   130,000   1,065,000       Item Section of Statement ofCash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset     $ Oct. 4: Sale of fixed asset     $ Gain on sale of fixed asset (assume the indirect method)     $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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. 1     Balance     919,000    
Mar. 12     Purchased for cash 276,000     1,195,000    
Oct. 4     Sold for $152,000   130,000   1,065,000    

 

Item Section of Statement of
Cash Flows		 Added or Deducted Amount
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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