In preparing its cash flow statement for the year ended December 31, 2011, Red Co. gathered the following data: Gain on sale of land $ 12,300 Proceeds from sale of land 24,500 Purchase of Blue, Inc. bonds (face value $217,000) 352,000 Amortization of bond discount 4,800 Cash dividends declared 91,000 Cash dividends paid 76,000 Proceeds from sales of common stock (carrying value $138,000) 154,000 In its December 31, 2011, statement of cash flows, what amount should Red report as net cash outflows from investing activities? $192,500 $315,200 $376,500 $327,500