Land Transactions on the Statement of Cash Flows Cameron Corporation purchased land for $222,000. Later in the year, the company sold a different piece of land with a book value of $104,000 for $119,000. How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? Use the minus sign to indicate cash out flow 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 box blank Transactions Amount Action Deducted from net income Gain or loss on sale of land 15,000 Cash received from sale of land 119,000 Part of cash flows from investing activities Part of cash flows from investing activities Cash paid for purchase of land 1,000 X Feedback Property, plant and equipment are considered noncurrent assets. Recall the definitions of each section of the statement of cash flows. What type of an affect would a have on the statement of cash flows? Learning Objective 3