Land Costing $88,000 Was Sold for $50,000 Cash

question 83

Multiple Choice

Land costing $88,000 was sold for $50,000 cash. The loss on the sale was reported on the income statement as other expense. On the statement of cash flows, what amount should be reported as an investing activity from the sale of land?

• A) $50,000
• B) $88,000
• C) $138,000
• D) $38,000

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