On July 15, 2021, M.W. Morgan Distribution sold land for $49.8 million that it had purchased in
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Question:
On July 15, 2021, M.W. Morgan Distribution sold land for $49.8 million that it had purchased in 2016 for $41.0 million.
Required: What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method? The indirect method?
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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