Lamar Corporation purchased land for $147,000. Later in the year, the company sold land with...
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Accounting
Lamar Corporation purchased land for $147,000. Later in the year, the company sold land with a book value of $194,000 for $217,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method.
Transaction
Amount
Increase or Decrease
Statement of Cash Flows Section
Gain on sale of land
$fill in the blank 1
DecreaseIncrease
FinancingInvestingOperating
Cash received for sale of land
$fill in the blank 4
DecreaseIncrease
FinancingInvestingOperating
Cash paid for purchase of land
$fill in the blank 7
DecreaseIncrease
FinancingInvestingOperating
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