On January 1, 2013, Poole Company had a balance of $178,000 in its Land account. During 2013,

Question:

On January 1, 2013, Poole Company had a balance of $178,000 in its Land account. During 2013, Poole sold land that had cost $71,000 for $95,000 cash. The balance in the Land account on December 31, 2013, was $210,000.

Required
a. Determine the cash outflow for the purchase of land during 2013.
b. Prepare the investing activities section of the 2013 statement of cash flows.