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Sold land for $295,000 cash that was recorded listed on the balance sheet for $100,000...

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Question

Accounting

Sold land for $295,000 cash that was recorded listed on the balance sheet for $100,000 before it was sold.

1. How would this impact net income? state increase or decrease and amount or NA (example: increase 10,000)

2. How would this impact the cash (bank) account? state increase or decrease and amount or NA (example: decrease 10,000)

3. What type of cash flow activity would it be on the cash flow statement?

put OA, IA, FA, or NA

(example: OA) OA= operating activity IA= investing activity FA=financing activity NA= not applicable

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