Question
Land costing $125,000 was sold for $355,000 cash. The gain on the sale was reported on the income statement other income. On the statement of
Land costing $125,000 was sold for $355,000 cash. The gain on the sale was reported on the income statement other income. On the statement of cash flows, what amount should be reported as an investing activity from sale of land?
A) $155,000
B) $355,000.
C) $310,000.
D) $230,000 \r\n
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Intermediate Accounting
Authors: James D. Stice, Earl K. Stice, Fred Skousen
17th Edition
032459237X, 978-0324592375
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