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On January 1, Year 1, Shelton Company had a balance of $269,500 in its Land...

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Accounting

On January 1, Year 1, Shelton Company had a balance of $269,500 in its Land account. During Year 1, Shelton sold land that had cost
$89,000 for $140,500 cash. The balance in the Land account on December 31, Year 1, was $293,000.
Required
a. Determine the cash outflow for the purchase of land during Year 1.
Cash outflow for the purchase of land
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.
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