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On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Date Debit Credit Debit Credit Item an.1 Balance 858,000 972,300 63,840 908,460 Mar. 12 Purchased for cash 104,300 Od. 4 Sold for $95,550 Section of Statement of Cash Flows Item Added or Deducted Amount Investing activities section Deducted 104,300 Mar. 12: Purchase of fixed asset Oct. 4: Sale of fixed asset Gain on sale of fixed asset (assume the indiret method) Operating activities sectionDeducted Investing activities section v Added V 95,550 Keep in mind that you are trying to detarmine what affect these transactions have on cash. What financial statement would the gain on the sale of fied assnt be reportd ante lave your answer what would have to be done with the gain on the statement of cash flows

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