1. Gamma Corporation purchased land for $200,000. Later in the year, the company sold land with a book value of $105,000 for $90,000. How are the effects of these transactions reported on the statement of cash flows?
2. Sunrise Corporation purchased land for $500,000. Later in the year, the company sold land with a book value of $320,000 for $375,000. How are the effects of these transactions reported on the statement of cash flows?
3. Sales reported on the income statement were $623,000. The accounts receivable balance increased $48,000 over the year. Determine the amount of cash received from customers.