Lester Corporation’s statement of cash flows for 2009 shows the following investingactivities: | ||
Proceeds from sale of marketable securities | $ 160,000 | |
Purchase of land | (250,000) | |
Proceeds from sale of land | 125,000 | |
| Net cash provided by investing activities | $ 15,000 |
Lester’s income statement for 2009 includes the following: | ||
Loss on sale of marketable securities | $47,000 | |
Gain on disposal of land | 65,000 | |
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Refer to the above data.Lester’s balance sheet at the end of 2008 showed Land of $100,000. On the basis of the data presented above, compute the amount to be reported for Land in Lester Corporation’s balance sheet at December 31, 2009.
a $250,000. b $350,000. c $290,000. d Some other amount.
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