alton Company had a balance of $261,000 in its Land account. During 2016, Walton sold land that had cos $79,000 for $157,000 cash. The balance in the Land account on December 31, 2016, was $295,500. Required a. Determine the cash outflow for the purchase of land during 2016. b. Prepare the investing activities section of the 2016 statement of cash flows. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B epare the investing activities section of the 2016 statement of cash flows. (Cash outfliows should be indicated with inus sign.) Cash fow from investing activities Paid for purchase of land (122,500 Proceeds from sale of land 00O Net cash flow from investing activities 34,500 Required A