On January 1, Year 1, Shelton Company had a balance of $264,500 in Its Land account....

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On January 1, Year 1, Shelton Company had a balance of $264,500 in Its Land account. During Year 1, Shelton sold land that had cost $88,000 for $144,500 cash. The balance in the Land account on December 31, Year 1, was $284,000. Required a. Determine the cash outflow for the purchase of land during Year 1 Cash outflow for the purchase of fand b. Prepare the investing activities section of the Year 1 statement of cash flows. Note: Amounts to be deducted should be indicated with a minus sign. Cash flow from investing activities Net cash flow from investing activities On January 1, Year 1, Shelton Company had a balance of $264,500 in Its Land account. During Year 1, Shelton sold land that had cost $88,000 for $144,500 cash. The balance in the Land account on December 31, Year 1, was $284,000. Required a. Determine the cash outflow for the purchase of land during Year 1 Cash outflow for the purchase of fand b. Prepare the investing activities section of the Year 1 statement of cash flows. Note: Amounts to be deducted should be indicated with a minus sign. Cash flow from investing activities Net cash flow from investing activities