Lamar Corporation purchased land for $150,000. Later in the year, the company sold land with a...

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Lamar Corporation purchased land for $150,000. Later in the year, the company sold land with a book value of $194,000 for $217,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. Transaction Gain on sale of land Cash received from sale of land Cash paid for purchase of land Amount Increase or Decrease Statement of Cash Flows Section Lamar Corporation purchased land for $150,000. Later in the year, the company sold land with a book value of $194,000 for $217,000. Show how the effects of these transactions are reported on the statement of cash flows using the indirect method. Transaction Gain on sale of land Cash received from sale of land Cash paid for purchase of land Amount Increase or Decrease Statement of Cash Flows Section