In Lynne Company, there was an increase in the land account during the year of $43,000. Analysis
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Question:
In Lynne Company, there was an increase in the land account during the year of $43,000. Analysis reveals that the change resulted from a cash sale of land at cost $115,000, and a cash purchase of land for $158,000. In the statement of cash flows, the change in the land account should be reported in the investment section:
A) as a net purchase of land, $43,000.
B) only as a purchase of land $158,000.
C) as a purchase of land $158,000 and a sale of land $115,000.
D) only as a sale of land $115,000.
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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