Exercise $14-8$A $($Algo$)$ Determining cash flow from investing activities LO $14-3$

On January $1,$ Year $1,$ Adams Company had a balance of $$260,500$ in its Land account. During Year $1,$ Adams sold land that had cost $$84,000$ for $$157,000$ cash. The balance in the Land account on December $31,$ Year $1,$ was $$280,500.$

Required

Determine the cash outflow for the purchase of land during Year $1.$

Prepare the investing activities section of the Year $1$ statement of cash flows.