Question

Land Transactions on the Statement of Cash Flows Veteran Corporation purchased land for $375,000. Later in the year, the company sold a different piece of land with a book value of $229,000 for $256,000 How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? Use the minus sign to indicate cash out flows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select 'No effect" from the drop down menu and leave the amount box blank. Transactions Action Amount Gain or loss on sale of land Deducted from net income Cash received from sale of land Part of cash flows from investing activities Cash paid for purchase of land Part of cash flows from investing activities ✓ Feedback

Answer 1

Taaus cationd Autien Armount Deducted from N et Tncome f7o00) Land Gain on Sale -a1000 Paut of cash plew em ting Acitius Cash seceiud fem Sale bfland Cash paid Por puidhaie of laud a Cas flafoom (31500) $ -3,7S600 Daves hing Auivities

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