Q15: Lamar Corporation purchased land for $158,000. Later in the year the company sold land with a book value of $181,000 for $203,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method.

Statement of Cash Flows Cash flows from operating activities: Loss on sale of lan $-22,000 Cash flows from investing activities: Cash received for 203,000 Cash paid for purcl 158,000