During the Current Year, Two Transactions Were Recorded in the Land

question 51

Multiple Choice

During the current year, two transactions were recorded in the Land account of Duke Industries. One involved a debit of $320,000 to the Land account; the second was a $210,000 credit to the Land account. Duke's income statement for the year reported a loss on sale of land in the amount of $25,000. All transactions involving the Land account were cash transactions. These transactions would be shown in the statement of cash flows as:

• A) $320,000 cash provided by investing activities, and $210,000 cash disbursed for investing activities.
• B) $185,000 cash provided by investing activities, and $320,000 cash disbursed for investing activities.
• C) $235,000 cash provided by investing activities, and $320,000 cash disbursed for investing activities.
• D) $210,000 cash provided by investing activities, and $320,000 cash disbursed for investing activities.

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