Refer to the information in Problem 15 40 Assume that all data are the same except that during 2010, common stock was exchanged for land with a fair market value of $60,000 This transaction changes the balance sheet for 2010 by increasing the land account by $60,000 and the common stock accounts by $60,000 Required 1 Calculate the operating cash flows by using the direct method 2 Prepare a statement of cash flows

Question: Refer to the information in Problem 15-40. Assume that all data are the same except that during 2010, common stock was exchanged for land with

Refer to the information in Problem 15-40. Assume that all data are the same except that during 2010, was exchanged for land with a fair market value of $60,000. This transaction changes the for 2010 by increasing the land account by $60,000 and the accounts by $60,000.

Required:
1. Calculate the operating cash flows by using the direct method.
2. Prepare a statement of cash flows.

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