RCES Exercise 12-03 Sunland Corporation had the following transactions. 1. 2. 3. Sold land (cost $12,500) for $15,500. Issued common stock at par for $20,000. Recorded depreciation on buildings for $17,500. Paid salaries of $9,500. Issued 600 shares of $1 par value common stock for equipment worth $4,800. Sold equipment (cost $11,600, accumulated depreciation $8,120) for $1,392. 4. 5. 6. (a) For each transaction above, prepare the journal entry. (Credit account titles are automaticall Transaction Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. SHOW LIST OF ACCOUNTS LINK TO TEXT For each transaction above, (b) indicate how it would affect the statement of cash flows using the Indirect method. (Do not leave any Reported" if it is not reported on the statement of cash flows. Select "Not Applicable" if it does not belong to any section.) 1. Cash receipt Gain on disposal of plant assets 2. Cash receipt 3. Depreciation expense 4. Salaries and wages expense + 5. Common stock for equipment . 6. Cash receipt Loss on disposal of plant assets Click if you would like to Show Work for this question: Open Show Work