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Land Transactions on the Statement of Cash Flows Alpha Corporation purchased land for $495,000. Later in the year, the company sold a different piece of land with a book value of $317,000 for $282,000. How are the effects of these transactions reported on the statement of cash flows? Use the minus sign 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 Amount Gain or loss on sale of land Cash received from sale of land Cash paid for purchase of land No effect Added to net income Deducted from net income Part of cash flows from financing activities Part of cash flows used for investing activities Changes in Current Operating Assets and Liabilities-Indirect Method Victor Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $23,900 $19,900 Inventory 53,300 59,900 Accounts payable 31,400 27,300 Dividends payable 18,000 17,000 Adjust net income of $79,100 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. $ 80,600 x