On July 15, 2021, M.W. Morgan Distribution sold land for $49.2 million that it had purchased in 2016 for $42.0 million. Required: What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method? The indirect method?

On July 15, 2021, M.W. Morgan Distribution sold land for $49.2 million that it had purchased in 2016 for $42.0 million. Required: What would be the amount(s) related to the sale that Morgan would report in its statement of cash flows for the year ended December 31, 2021, using the direct method? The indirect method?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 5PA: Use the following information from Dubuque Companys financial statements to prepare the operating...

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