The Shifting Sands Company reported an increase in its property (land) account of $4 million during 1999.During 1999,the firm sold land with an initial cost of

$12 million for cash proceeds of $9 million and purchased additional land for

$16 million. Determine the effects of these transactions on the following elements of the firm’s 1999 financial statements:

a. Net income (ignore income tax effects)

b. Adjustments to net income to compute cash flows from operations (as in the indirect method)

c. Cash flows from investing activities?