Victoria Garden Supply sold a piece of land for $38,000 that had originally cost $32,500. This event would

Name: Victoria Garden Supply sold a piece of land for $38,000 that had originally cost $32,500. This event would
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Question

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Victoria would record a gain on the sale of land of $5,500 ($32,500 - $38,000). The sale would be reported as a cash inflow from investing activities. The gain would be reported below operating income on the income statement, but would affect net income.

Victoria Garden Supply Sold a Piece of Land for $38,000