21. In preparing its cash flow statement for the year ended December 31, 2022 Cosby CO gathered the following data:

gain on sale of land - 5,000

proceeds from sale of land - 40,000

purchase of WHITE inc bonds (face value was $200,000) - 225,000

Amortization of bond discount - 3,000

Cash dividends declared - 50,000

Cash dividends paid - 48,000

Proceeds from sales of Cosby Co common stock - 80,000

In its December 31, 2022 statement of cash flows, what amount should Cosby report as net cash outflows from investing activities?

1. 190,000

2. 160,000

3. 185,000

4. 265,000