About $140,000, Lamar Corporation bought a piece of property. Later this year but, the business sold land for $202,000, which had a book value of $180,000. Describe how the indirect technique is used to reflect the consequences of these events on the financial statement. Transaction Gain on sale of land Cash received for sale of land Cash paid for purchase of land Amount $fill in the blank 1 $fill in the blank 4 | $fill in the blank 7 Increase or Decreas Statement of Cash Flows Section

About $140,000, Lamar Corporation bought a piece of property. Later this year but, the business sold land for $202,000, which had a book value of $180,000. Describe how the indirect technique is used to reflect the consequences of these events on the financial statement. Transaction Gain on sale of land Cash received for sale of land Cash paid for purchase of land Amount $fill in the blank 1 $fill in the blank 4 | $fill in the blank 7 Increase or Decreas Statement of Cash Flows Section

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter17: Property Transactions: §1231 And Recapture Provisions

Section: Chapter Questions

Problem 2CPA

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