On January 1, Year 1, Gibson Company had a balance of $259,500 in its Land account. During Year 1, Gibson sold land that had cost $82,000 for $151,000 cash. The balance in the Land account on December 31, Year 1, was $295,000. 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. Required A Required B Determine the cash outflow for the purchase of land during Year 1. Cash outflow for the purchase of land On January 1, Year 1, Gibson Company had a balance of $259,500 in its Land account. During Year 1, Gibson sold land that had cost $82,000 for $151,000 cash. The balance in the Land account on December 31, Year 1, was $295,000. 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. Required A Required B Prepare the investing activities section of the Year 1 statement of cash flows. (Cash outflows should be indicated with minus sign.) Cash flow from investing activities Net cash flow from investing activities