statement of cash flows idea limited reflected the following items in the 20×5 finan 4374408

Statement of Cash Flows: Idea Limited reflected the following items in the 20X5 financial statements: Income statement Depreciation expense, machinery ……… $ 600,000 Amortization expense, patent ………. 120,000 Loss on sale of machinery ………… 50,000 Gain on sale of land …………… 60,000 Balance sheet Decrease in land account…………. $ 800,000 Increase in net patent account ……….. 130,000 Decrease in net machinery account ……… 912,000 The only entry through the land account was a sale of land. The other accounts may reflect more than one transaction. Required: List the items that would appear on the statement of cash lows as a result of the above items. Indicate in which section each item would appear. Assume that the indirect method is used for the operating activities section. State any assumptions that you make.View Solution:
Statement of Cash Flows Idea Limited reflected the following items

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