eBook Show Me How Land Transactions on the Statement of Cash Flows IZ Corporation purchased land for $400,000. Later in the year, the company sold a different piece of land with a book value of $200,000 for $240,000 How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to Indicate cash outflows, cash payments, decreases in cash and for any adjustments, If required. If a transaction has no effect on the statement of cash flows, select "No effect from the drop down menu and leave the amount box blank. Transactions Action Amount Gain on sale of land Cash received from sale of land Cash paid for purchase of land No effect Added to net income Deducted from net income Part of cash flows from financing activities Part of cash flows from Investing activities