1. Land Transactions on the Statement of Cash Flows

   Cameron Corporation purchased land for $263,000. Later in the year, the company sold a different piece of land with a book value of $145,000 for $129,000.

   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 flows, 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	?	$
   Cash received from sale of land	?	$
   Cash paid for purchase of land	?	$

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   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 gain or loss have on the statement of cash flows?