On January 1, 2011, Oswalt Company had a balance of ($ 156,000) in its Land account. During

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On January 1, 2011, Oswalt Company had a balance of $\$ 156,000$ in its Land account. During 2011, Oswalt sold land that had cost $\$ 66,000$ for $\$ 98,000$ cash. The balance in the Land account on December 31,2011 , was $\$ 220,000$.

Required

a. Determine the cash outflow for the purchase of land during 2011 .

b. Prepare the investing activities section of the 2011 statement of cash flows.

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Fundamental Financial Accounting Concepts

ISBN: 12

7th Edition

Authors: Thomas Edmonds

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Question Posted: May 19, 2024 02:01 AM

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On January 1, 2011, Oswalt Company had a balance of ($ 156,000) in its Land account. During

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Fundamental Financial Accounting Concepts

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