Land Transactions on the Statement of Cash Flows Easterly Corporation purchased land for $341,000 Later in the year, the company sold a different piece of land with a book value of $140,000 for $122,000 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 SelectNo effectAdded to net incomeDeducted from net incomePart of cash flows from financing activities Part of cash flows from investing activitiesItem 1 $ Cash received from sale of land SelectNo effectAdded to net incomeDeducted from net incomePart of cash flows from financing activities Part of cash flows from investing activitiesItem 3 $ Cash paid for purchase of land SelectNo effectAdded to net incomeDeducted from net incomePart of cash flows from financing activities Part of cash flows from investing activitiesItem 5 $

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Land Transactions on the Statement of Cash Flows Easterly Corporation purchased land for $341,000. Later in the year, the company sold a different piece of

Land Transactions on the Statement of Cash Flows

Easterly Corporation purchased land for $341,000. Later in the year, the company sold a different piece of land with a book value of $140,000 for $122,000.

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	SelectNo effectAdded to net incomeDeducted from net incomePart of cash flows from financing activities Part of cash flows from investing activitiesItem 1	$
Cash received from sale of land	SelectNo effectAdded to net incomeDeducted from net incomePart of cash flows from financing activities Part of cash flows from investing activitiesItem 3	$
Cash paid for purchase of land	SelectNo effectAdded to net incomeDeducted from net incomePart of cash flows from financing activities Part of cash flows from investing activitiesItem 5	$