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eporting Land Transactions on Statement of Cash Flows On the basis of the details of...

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Accounting

eporting 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 843,000
Mar. 12 Purchased for cash 253,000 1,096,000
Oct. 4 Sold for $139,000 119,000 977,000

Item Section of Statement of Cash Flows Added or Deducted Amount
Mar. 12: Purchase of fixed asset Investing activities section Deducted $
Oct. 4: Sale of fixed asset Investing activities section Added $
Gain on sale of fixed asset (assume the indirect method) Investing activities section Deducted $

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