CH21 (3.)

On July 15, 2018, M.W. Morgan Distribution sold land for $32.0 million that it had purchased in 2013 for $27.0 million. What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2018, using the direct method? The indirect method?

Direct Method Indirect Method What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2018, using the direct method? (List any cash outflows with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Cash inflow from investing activities ($ in millions) S 32.0 27.0 Direct Method Indirect Method What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2018, using the indirect method? (List any cash outflows with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Operating Activities: Negative adjustment to net income Cash inflow from investing activities Operating Activities: Negative adjustment to net income ($ in millions) (5.0) 32.0 (5.0)