Land Transactions on the Statement of Cash Flows Veteran Corporation purchased land for $455,000. Later in the year, the company sold a different piece of land with a book value of $259,000 for $290,000. How are the effects of these transactions reported on the statement of cash flows? Use the minussion 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 Gain or loss on sale of land Cash received from sale of land Cash paid for purchase of land ACCOUNT NO. Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land Balance Date Item Debit Debit Credit Balance 909,000 Mar Purchased for cash 291,000 1,200,000 Sold for $160,000 137,000 1,063,000 Item Section of Statement of Cash Flows Added or Deducted Amount Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method)