of Cash lows Easterly Corporation purchased land for $406,000. Later in the year, the company sold a different piece of land uith # book value of $195,000 for S220,000, How are th.ffects of these transactions reported on th. statement of cash flo s assuming the idrect mohd is used? Use the minus sign toindate cash out-cash pamem, doreases in cash and for a y adiatment-reared. lfa transaction has no etfect on the statement of cash flows, select "No effect from the drop down menu and leave the amount box blank Gain or loss on sale of land Cash received from sale of land Cash paid for purchase of land cash flows Deducted from net income No effect