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 Credit Debit Credit Jan. 1 Balance Mar. 12 304,000 Purchased for cash Sold for $167,000 920,000 1,224,000 1,081,000 Oct 4 143,000 Section of Statement of Cash Flows Item Added or Deducted Amount Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method) Financing activities section Investing activities section Operating activities section Not on statement EBOOK Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following foxed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Jan 1 Balance Purchased for cash Mar. 12 304,000 920,000 1,224,000 1,081,000 Oct. 4 Sold for $167,000 143,000 Section of Statement of Cash Flows Item Added or Deducted Amount Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (mume the Indirect method) Added Deducted Not applicable