EA11. LO 16.3 Use the following excerpts from Grenada Company's financial records to determine net cash flows from operating activities and net cash flows from investing activities. Net income this year Purchased plant assets this year Sold tract of land this year Original cost of land that was sold Solution Operating Activities: Net income Gain on sale of land (to reverse the effect) Net cash flows from operating activities Investing Activities: Cash proceeds from sale of land Cash paid for purchase of plant assets Net cash flows from investing activities $158,750 40,000 35,000 25,000