Caroline, Inc. exchanged a tract of land it held in Mississippi for a tract of land owned by Rosalie Corporation located in Illinois. How is this transaction reported on Caroline, Inc.s statement of cash flows?

Select one:

a. As a cash inflow from investing activities and a cash outflow from financing activities.

b. As a cash inflow and a cash outflow from investing activities.

c. This transaction is not reported in the body of the statement of cash flows.

d. As a cash inflow and a cash outflow from financing activities.