Question
Land costing $42,959 was sold for $73,192 cash. The gain on the sale was reported on the income statement as other income. On the statement
Land costing $42,959 was sold for $73,192 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.$116,151
b.$30,233
c.$42,959
d.$73,192
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Fundamentals Of Cost Accounting
Authors: Michael W Maher, William N. Lanen, Madhav V. Rajan
1st Edition
0073018376, 978-0073018379
