Exercise 12-8A (Algo) Determining cash flow from investing activities LO 12-3 On January 1, Year 1,...

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Exercise 12-8A (Algo) Determining cash flow from investing activities LO 12-3 On January 1, Year 1, Shelton Company had a balance of $266,500 in its Land account. During Year 1, Shelton sold land that had cost $80,500 for $153,000 cash. The balance in the Land account on December 31, Year 1, was $295,000. 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 Exercise 12-8A (Algo) Determining cash flow from investing activities LO 12-3 On January 1, Year 1, Shelton Company had a balance of $266,500 in its Land account. During Year 1, Shelton sold land that had cost $80,500 for $153,000 cash. The balance in the Land account on December 31, Year 1, was $295,000. 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