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

On January $1,$ Year $1,$ Benson Company had a balance of $$268,500$ in its Land account. During Year $1,$ Benson sold land that had cost $$78,000$ for $$148,500$ cash. The balance in the Land account on December $31,$ Year $1,$ was $$297,000.$

Required

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

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

Complete this question by entering your answers in the tabs below.

Required $A$

Required B

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

Cash outflow for the purchase of land