Question
Land costing $133,290 was sold for $176,455 cash. The gain on the sale was reported on the income statement as other income. On the statement
Land costing $133,290 was sold for $176,455 cash. The gain on the sale was reported on the income statement as other income. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?
a.$176,455
b.$43,165
c.$133,290
d.$309,745
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Financial & Managerial Accounting
Authors: Carl S. Warren
10th Edition
0324663811, 9780324663815
