Land costing $68,000 was sold for $50,000 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land? (Points: 4)
Answer is 50,000
Since the land is sold for 50,000 cash, the ...
The solution briefly explains the impact on the statement of cash flows of a sale of land.