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.

Question

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The Answer of 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.

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