Question: reporting land acquisition for cash and mortgage note on statement of cash flows Reporting Land Acquisition for Cash and Mortgage Note on Statement of Cash


Reporting Land Acquisition for Cash and Mortgage Note 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 Date Item Debit Credit Debit Credit Jan. 1 Balance 287,700 Feb. 10 Purchased for cash 469,000 756,700 Nov. 20 Purchased with long-term mortgage note 612,900 1,369,600 Item Section of Statement of Cash Flows Added or Deducted Amount Purchase of land for cash Purchase of land by issuing long-term mortgage note Item Section of Statement of Cash Flows Added or Deducted Amount Purchase of land for cash Purchase of land by issuing long-term mortgage note Financing activities section Investing activities section Operating activities section Separate schedule Item Section of Statement of Cash Flows Added or Deducted Amount Purchase of land for cash Purchase of land by issuing long-term mortgage note Added Deducted Not applicable
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
