IZ Corporation purchased land for $$425,000.$ Later in the year, the company sold a different piece of land with a book value of $$225,000$ for $$270,000.$

How are the effects of these transactions reported on the statement of cash flows assuming the indirect method is used? Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required. If a transaction has no effect on the statement of cash flows, select $"$No effect" from the drop down menu and leave the amount box blank.

Transactions Action Amount

Gain on sale of land

Deducted from net income

$fill in the blank $2$

Cash received from sale of land

Part of cash flows from investing activities

$fill in the blank $4$

$270,000$

Cash paid for purchase of land

Part of cash flows from investing activities

$fill in the blank $6$