Reporting Land Transactions on Statement of Cash Flows On the basis of the details of...
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Accounting
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 | 974,000 | ||||||||
| Mar. | 12 | Purchased for cash | 331,000 | 1,305,000 | |||||||
| Oct. | 4 | Sold for $182,000 | 156,000 | 1,149,000 | |||||||
| 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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