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 1,166,000 Mar. 12 Purchased for cash 385,000 1,551,000 Oct. 4 Sold for $211,000 181,000 1,370,000 Item Mar. 12: Purchase of fixed asset Section of Statement of Cash Flows Investing activities section Added or Deducted Amount Dedurted 385,000 Oct. 4: Sale of fixed asset Investing activities section Added 211,000 Gain on sale of fixed asset (assume the indirect method) Operating activities section Deducted Feedback Check My Work Keep in mind that you are trying to determine what affect these transactions have on cash. What financial statement would the gain on the sale of fixed asset be reported on? We wel statement? Based on your answer what