A long-term investment in bonds with a cost of $70,000 was sold for $84,000 cash. (a) What

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A long-term investment in bonds with a cost of $70,000 was sold for $84,000 cash.
(a) What was the gain or loss on the sale?
(b) What was the effect of the transaction on cash flows?
(c) How is the transaction reported in the statement of cash flows if cash flows from operating activities are reported by the indirect method?
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Accounting Volume 2

ISBN: 978-0176509743

2nd Canadian edition

Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren

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