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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
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 | ACCOUNT NO. | ||||||||||
| Balance | |||||||||||
| Date | Item | Debit | Credit | Debit | Credit | ||||||
| Jan. | 1 | Balance | 1,297,000 | ||||||||
| Mar. | 12 | Purchased for cash | 441,000 | 1,738,000 | |||||||
| Oct. | 4 | Sold for $242,000 | 207,000 | 1,531,000 | |||||||
| 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) | $ |
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