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Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows (Q.5) On...

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Accounting

Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash Flows (Q.5)

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 317,100
Feb. 10 Purchased for cash 469,300 786,400
Nov. 20 Purchased with long-term mortgage note 637,000 1,423,400

Item Section of Statement of Cash Flows Added or Deducted Amount
Purchase of land for cash $
Purchase of land by issuing long-term mortgage note $

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