Ivanhoe Corporation had the following transactions. 1. Sold land (cost $12,100) for $15,100. 2. Issued common stock at par for $20,000. 3. Recorded depreciation on buildings for $17,100. 4. Paid salaries of $9,100. 5. Issued 700 shares of $1 par value common stock for equipment worth $5,600. 6. Sold equipment (cost $10,800, accumulated depreciation $7,560) for $1,296. Your answer is partially correct. (a) For each transaction above, prepare the journal entry. (Credit account titles are automatically indented when amount is entered. Do not inde Transaction Account Titles and Explanation Debit Credit 1. Cash 15100 Land 12100 Gain on Disposal of Plant Assets 3000 2. Cash 20000 Common Stock 20000 3. Depreciation Expense 17100 Accumulated Depreciation-Buildings 17100 3. Depreciation Expense 17100 Accumulated Depreciation-Buildings 17100 4. Salaries and Wages Expense 9100 Cash 9100 5. Equipment 5600 Paid-in Capital in Excess of Par Value-Common Stock 4900 Common Stock 700 6. Accumulated Depreciation Equipment 7560 Loss on Disposal of Plant Assets Cash 1296 Equipment 10800 For each transaction above, (b) indicate how it would affect the statement of cash flows using the indirect method. (Do not leave any answer field blank. Enter for amounts. Select "Not Reported" if it does not belong to any section.) 1. Cash receipt Not reported Gain on disposal of plant assets Reported Financing section Investing section Investing and Financing section Not Applicable Operating section 2. Cash receipt 3. Depreciation expense 4. Salaries and wages expense 5. Common stock for equipment 6. Cash receipt Loss on disposal of plant assets