Cash Flows from Investing Activities During the year, Swasey Company sold equipment with a book value of $560,000 for $760,000 (original purchase cost of $960,000). New equipment was purchased. Swasey provided the following comparative balance sheets: Swasey Company Comparative Balance Sheets At December 31, 20X1 and 20x2 20X1 20X2 Long-Term Assets: Plant and equipment $4,400,000 $4,300,000 Accumulated depreciation (2,400,000) (2,540,000) Land 2,000,000 2,875,000 Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate a cash outflow