On January 1, Year 1, Gibson Company had a balance of $267,500 in its Land account. During Year 1 Gibson sold land that had cost $90,000 for $140,500 cash. The balance in the Land account on December 31, Year 1 was $288.500. Required a. Determine the cash outflow for the purchase of land during Year 1 b. Prepare the investing activities section of the Year 1 statement of cash flows, Complete this question by entering your answers in the tabs below ces Required Recured B Determine the cash outflow for the purchase of land during Year 1. Cashollaw to the roof and $ 37.500 Required B On January 1, Year 1, Gibson Company had a balance of $267500 in its Land account. During Year 1. Gibson sold land that had cost $90,000 for $140,500 cash. The balance in the Land account on December 31 Year 1, was $288,500, Required o. Determine the cash outhow for the purchase of land during Year 1 b. Prepare the investing activities section of the Year 1 statement of cash flows Complete this question by entering your answers in the tabs below. Required A Required Prepare the investing activities section of the Year 1 statement of cash flows.(Cash outflows should be indicated with minus Castow from investing activities Not show investing active 5 0