Myers Real Estate Company exchanged an acre of land in exchange for five hundred shares of stock in the Midland Corporation.The land is worth $22,000 and the stock is worth $40 per share.How will this transaction be reported on the statement of cash flows?
A) As a source of cash in the investing section, a use of cash in the financing section, and an adjustment to net income in the operating section for the loss
B) As a source of cash in the investing section and a use of cash in the financing section
C) As a non-cash investing and financing transaction
D) As a use of cash in the investing section and a source of cash in the financing section
Correct Answer:
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