The only transaction recorded in the plant assets account of Pompei Company in the current year was

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The only transaction recorded in the plant assets account of Pompei Company in the current year was a $220,000 credit to the Land account. Assuming that this credit resulted from a cash transaction; does this entry indicate a cash receipt or a cash payment? Should this $220,000 appear in the statement of cash flows, or is some adjustment necessary?
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Financial and Managerial Accounting the basis for business decisions

ISBN: 978-0078111044

16th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

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