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Reporting Land Transaction on Statement of Cash Flows question Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the
Reporting Land Transaction on Statement of Cash Flows question
Reporting Land Transactions on Statement of Cash Flows 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 CreditDebit Credit Jan. 1Balance Mar. 12Purchased for cash 104,300 Oct. 4Sold for $95,550 868,000 972,300 63,840 908,460 Section of Statement of Added or Deducted Amount Item Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method) Cash Flows
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