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.

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.

Name: In Sheffield Company, there was an increase in the land account during
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Description: 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

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter12: Capital Investment Analysis

Section: Chapter Questions

Problem 3MAD

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