Land Transactions on the Statement of Cash Flows Cameron Corporation purchased land for $477,000. Later in the year, the company sold a different piece of land with a book value of $243,000 for $270,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select "No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain or loss on sale of land Added to net income X 27,000 X Cash received from sale of land Added to net income X 270,000 Cash paid for purchase of land Deducted from net income X $ 243,000 X Takaki Inc. reported net income of $53,000 for 2017. The liability and equity accounts from the company's comparative balance sheet are as follows: Dec. 31, 2017 Dec. 31, 2016 Accounts payable $31,900 $28,400 Dividends payable 5,000 3,000 Common stock, $5 par value 80,000 75,000 Paid-in capital in excess of par-common stock 37,000 30,000 Retained earnings 130,600 81,600 During the year, the company declared dividends of $4,000 and issued 1,000 shares of common stock for $12 per share. Prepare the Cash Flows from (used for) Financing Activities section of the statement of cash flows. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Takaki Inc. Statement of Cash Flows (partial) Cash flows from (used for) financing activities: 9