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 1,192,000 Mar. 121 Purchased for cash 405,000 1,597,000. Oct. 4 Sold for $222,000 190,000 1,407,000 Item Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Section of Statement of Cash Flows Investing activities section Added or Deducted Deducted Amount Investing activities section. Added Gain on sale of fixed asset (assume the indirect method) Operating activites 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? What affect did the gain have on this financial statement? Based on your answer what would have to be done with the gain on the statement of cash flows