In preparing its cash flow statement for the year ended December 31, 2016, Red Co. gathered the following data:

Gain on sale of land	$ 12,800
Proceeds from sale of land	22,000
Purchase of Blue, Inc., bonds (face value $220,000)	353,000
Amortization of bond discount	4,800
Cash dividends declared	97,000
Cash dividends paid	75,000
Proceeds from sales of Red Co. common stock	153,000

In its December 31, 2016, statement of cash flows, what amount should Red report as net cash outflows from investing activities?

$198,000.

$375,000.

$318,200.