In Sheffield Company, there was an increase in the land account during the year of $6000. Analysis
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In Sheffield Company, there was an increase in the land account during the year of $6000. Analysis reveals that the change resulted from a cash sale of land at cost $152400, and a cash purchase of land for $158400. In the statement of cash flows, the change in the land account should be reported in the investment section: Select answer from the options below
as a purchase of land $158400 and a sale of land $152400.
only as a purchase of land $158400.
as a net purchase of land, $6000.
only as a sale of land $152400.
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