Lamar Corporation purchased land for $147,000. Later in the year, the company sold land with...
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Accounting
Lamar Corporation purchased land for $147,000. Later in the year, the company sold land with a book value of $194,000 for $217,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method.
| Transaction | Amount | Increase or Decrease | Statement of Cash Flows Section |
| Gain on sale of land | $fill in the blank 1 | DecreaseIncrease | FinancingInvestingOperating |
| Cash received for sale of land | $fill in the blank 4 | DecreaseIncrease | FinancingInvestingOperating |
| Cash paid for purchase of land | $fill in the blank 7 | DecreaseIncrease | FinancingInvestingOperating |
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