Lamar Corporation purchased land for $150,000.Later in the year the company sold land with a book value of $190,000 for $200,000.Show how the effects of these transactions are reported on the statement of cash flows using the indirect method.
Adjustments to reconcile net income to net cash from operating activities:
Gain on sale of land ($10,000)

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The Answer of Lamar Corporation purchased land for $150,000.Later in the year the company sold land with a book value of $190,000 for $200,000.Show how the effects of these transactions are reported on the statement of cash flows using the indirect method.
Adjustments to reconcile net income to net cash from operating activities:
Gain on sale of land ($10,000)

Lamar Corporation Purchased Land for $150,000