Question: Acctg 5110 Research Memo #1 Lanyard Company is preparing its 2016 financial statements. During 2016, the company purchased a building for $100,000, paid $20,000

Acctg 5110 Research Memo #1 Lanyard Company is preparing its 2016 financial statements. During 2016, the company purchased a building for $100,000, paid $20,000 as a down payment, and signed an $80,000 mortgage with First Bank. Lanyard's president, Tom Holly, is concerned about how to report this transaction on the company's statement of cash flows and has asked you to research the FASB's Accounting Standards Codification (ASC). Prepare a short memo to the president that summarizes how to report this transaction on the 2016 statement of cash flows. You must cite your references and applicable paragraph numbers from the ASC.

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