IZ Corporation purchased land for $500,000. Later in the year, the company sold a different piece of land with a book value of $250,000 for $280,000.

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	No effectAdded to net incomeDeducted from net incomePart of cash flows from financing activities Part of cash flows from investing activities	$fill in the blank 2
Cash received from sale of land	No effectAdded to net incomeDeducted from net incomePart of cash flows from financing activities Part of cash flows from investing activities	$fill in the blank 4
Cash paid for purchase of land	No effectAdded to net incomeDeducted from net incomePart of cash flows from financing activities Part of cash flows from investing activities	$fill in the blank 6