Reporting Land Transactions on Statement of Cash FlowsOn the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:ACCOUNT LandACCOUNT NO. BalanceDateItemDebitCreditDebitCreditJan.1 Balance 919,000 Mar.12 Purchased for cash276,000 1,195,000 Oct.4 Sold for $152,000 130,000 1,065,000 ItemSection of Statement ofCash FlowsAdded or DeductedAmountMar. 12: Purchase of fixed asset $Oct. 4: Sale of fixed asset $Gain on sale of fixed asset (assume the indirect method) $

Statement of cash flows: This statement reports all the cash transactions which are responsible…

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Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter15: Statement Of Cash Flows

Section: Chapter Questions

Problem 10E

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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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