17) When using a worksheet, for the statement of cash flows, as illustrated in the class zoom lectures, an entry to credit the Land account by $50,000 represents a reduction in that account and is most likely the result of selling some Land. A) True B) False Select one: A B 18) The following information relates to California Company: $ Increase in accounts receivable Decrease in inventory Increase in accounts payable Depreciation expense Gain on sale of land Net income 83,000 68,000 230,000 108,000 147,000 490,000 Assuming the indirect method, what is net cash provided by operating activities? A) $1,126,000. B) $616,000. C) $832,000. D) $666,000. Select one: A B D 19) The following information relates to California Company: Cash paid for equipment Reacquired California common stock Cash from sale of land Gain from the sale of land Cash received from Investment revenue Cash paid to purchase machinery $ 32 58 92 54 68 85 In its statement of cash flows, California should report net cash outflows from investing activities of: A) $78 B) $28 C) $25 D) $97 Select one: A B D 20) When using a worksheet, for the statement of cash flows, as illustrated in the class zoom lectures, the summary entries are intended to represent the journal entries used to record the transactions during the year. A) True B) False Select one: A B