Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 8

The only transaction recorded in the plant assets account of Pompei Company in the current year was a $263,000 credit to the Land account.ssuming that this credit resulted from a cash transaction, does this entry indicate a cash receipt or a cash payment Should this $263,000 appear in the statement of cash flows, or is some adjustment necessary