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Reporting land transactions on statement of cash flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Balance Date Item Debit Credit Debit Credit January 1 Balance 1,037,000 March 12 Purchased for cash 342,000 1,379,000 October 4 Sold for $188,000 161,000 1,218,000 Section of Statement of Item Cash Flows Added or Deducted Amount March 12: Purchase of fixed asset October 4: Sale of fixed asset Gain on sale of fixed asset (assume the indirect method) Previous Next Check My Work 1 more Check My Work uses remaining 99- 5:57 PM 2/3/2025 Q Search hp