On January 1 2016 Shelton Company had a balance of
On January 1, 2016, Shelton Company had a balance of $325,000 in its Land account. During 2016, Shelton sold land that had cost $106,500 for $132,000 cash. The balance in the Land account on December 31, 2016, was $285,000.
Required
a. Determine the cash outflow for the purchase of land during 2016.
b. Prepare the investing activities section of the 2016 statement of cash flows.
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