Exercise 12-03 Cullumber Corporation had the following transactions. 1. 2. 3. Sold land (cost $13,100) for $16,100. Issued common stock at par for $20,000. Recorded depreciation on buildings for $18,100. Paid salaries of $10,100. Issued 1,200 shares of $1 par value common stock for equipment worth $9,600. Sold equipment (cost $12,800, accumulated depreciation $8,960) for $1,536. 4. 5. 6. Your answer is correct. (a) For each transaction above, prepare the journal entry. (Credit account titles are automatica Debit Credit Transaction Account Titles and Explanation 1. Cash 16100 13100 Land 3000 Gain on Disposal of Plant Assets 2. Cash 20000 Common Stock 20000 3. Depreciation Expense 18100 Accumulated Depreciation-Buildings 18100 4. Salaries and Wages Expense 10100 Cash 10100 5 . Equipment 9600 Paid-in Capital in Excess of Par Value-Common St 8400 Common Stock 1200 6 . Accumulated Depreciation Equipment 8960 Loss on Disposal of Plant Assets 2304 signment CALCULATOR MESSAGE HY INSTRUKTOR FULL Your answer is partially correct. Try again. cer For each transaction above, (b) indicate how it would affect the statement of cash flows using the Indirect method. (Do not leave any ans Select "Not Reported" if it does not belong to any section.) 1. Cash receipt Reported Investing section 0 Gain on disposal of plant assets Reported Operating section 2. Cash receipt 0 Reported Financing section 3. Depreciation expense Reported Operating section 4. Salaries and wages expense Not reported Not Applicable 5. Common stock for equipment Reported Investing and Financing section 6. Cash recept Reported Investing section Loss on disposal of plant assets Reported Operating section Type here to search a o hp 9 0 2 & $ 96 O 00 09 2 3 4 Y UV 1 O 1 T W Q R E J KIL T S A G D F C B M v N N