Print Item Show Me How Land Transactions on the Statement of Cash Flows Veteran Corporation purchased land for $528,000. Later in the year, the company sold a different piece of land with a book value of $248,000 for $270,000 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 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 Amount Action Transactions Gain or loss on sale of land Cash received from sale of land Cash paid for purchase of land -22,000 Deducted from net income Part of cash flows from investing activities V Part of cash flows from investing activities Check bly Work Property, plant and equipment are considered noncurrent assets. Recall the definitions of each section of the statement of cash flows. What type of an affect would a gain or loss have on the statement of cash flows? Learning Objective 3 0 9:16 PM 4/27/2019