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Land Transactions on the Statement of Cash Flows Simkin Corporation purchased land for $420,000. Later in the year, the company sold a different place of tand with a book value of $155,000 for $110,000 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 Loss on sale of land Added to net income 45,000 Cash received from sale of land Part of cash flows from investing activities 110,000 Cash paid for purchase of land Part of cash flows used for investing activities 420,000 X Feedback Check My Work Property, plant, and equipment are considered noncurrent assets. Recall the definitions of each section of the statement of cash flows. What type of an affect would a gain or loss have on the statement of cash flows