Lamar Corporation purchased land for $159,000. Later in the year the company sold land with a book value of $182,000 for $204,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method.

Hide

Statement of Cash Flows
Cash flows from operating activities:
Cash paid for purchase of land Cash received for sale of land Gain on sale of land Loss on sale of land Correct 5		$ Correct 6
Cash flows from investing activities:
Cash paid for sale of land Cash received for sale of land Gain on sale of land Loss on sale of land Correct 8		$ Correct 9
Cash paid for purchase of land Gain on sale of land Loss on sale of land Correct 10