Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the following faced asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Credit Debit 1,067,000 Jan. 1 Balance Mar.12 352,000 1,419,000 Purchased for cash Sold for $193,000 Oct 4 165,000 1,254,000 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) Check My Work Previous Next