Lester Corporation’s statement of cash flows for 2009 shows the following investing activities: | ||
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. The cost of the land sold during 2009 was:
a $65,000. b $125,000. c $190,000. d $60,000.
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