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How are the effects of the transactions reported

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Reference no: EM132560302

Land Transactions on the Statement of Cash Flows

Cameron Corporation purchased land for $185,000. Later in the year, the company sold a different piece of land with a book value of $78,000 for $87,000.

Question 1: 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         $_____________

Reference no: EM132560302

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