Land Transactions on the Statement of Cash Flows Veteran Corporation purchased land for $291,000. Later in the year, the company sold a different piece of land with a book value of $119,000 for $108,000. 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 anv adiustments, 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. Action Amount Transactions Gain or loss on sale of land Cash received from sale of land Cash paid for purchase of land