Question
Land costing $96,430 was sold for $75,550 cash. The loss on the sale was reported on the income statement as Other expense. On the statement
Land costing $96,430 was sold for $75,550 cash. The loss on the sale was reported on the income statement as Other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?
a. $20,880
b. $96,430
c. $75,550
d. $171,980
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Research On Professional Responsibility And Ethics In Accounting Volume 21
Authors: Cynthia Jeffrey
1st Edition
1787549739, 9781787549739
