On January $1,$ Year $1,$ Shelton Company had a balance of $$269,500$ in its Land account. During Year $1,$ Shelton sold land that had cost

$$89,000$ for $$140,500$ cash. The balance in the Land account on December $31,$ Year $1,$ was $$293,000.$

Required

a$.$ Determine the cash outflow for the purchase of land during Year $1.$

Cash outflow for the purchase of land

b$.$ Prepare the investing activities section of the Year $1$ statement of cash flows.

Note: Amounts to be deducted should be indicated with a minus sign.