Question

Reporting Land Transactions on Statement of Cash Flows On the basis of the details of the...

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 1,218,000
Mar. 12 Purchased for cash 414,000 1,632,000
Oct. 4 Sold for $228,000 195,000 1,437,000
Item Section of Statement of
Cash Flows
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) $

Homework Answers

Answer #1

--Requirements

Item Section of Statement of Added or Deducted Amount
Cash Flows
Mar. 12: Purchase of fixed asset Cash Flows from Investing Activities Deducted $        414,000.00
Oct. 4: Sale of fixed asset Cash Flows from Investing Activities Added $        228,000.00
Gain on sale of fixed asset (assume the indirect method) Cash Flows from Operating Activities Deducted [228000 sale value - 195000 cost] $           33,000.00
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