Question
Land costing $75,000 was sold for $92,200 cash. The gain on the sale was reported on the income statement as other revenue. On the statement
Land costing $75,000 was sold for $92,200 cash. The gain on the sale was reported on the income statement as other revenue. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?
a.$75,000
b.$167,200
c.$92,200
d.$17,200
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
