During the year, U Ltds Statement of Profit or Loss shows gain on sale of land $70,000. Its Statement of Financial Position shows that land was $1,200,000 at the beginning of the year and $1,250,000 at the end of the year. Additional information: the cost of a block of land sold was $800,000.

Required: a) What is the amount of cash proceeds on sale of land? (Input a number only, no dollar sign)

b) What is the amount of cash paid for a new block of land?