On January 1. Year 1. Shelton Company had a balance of $276,500 in its Land account. During Year 1, Shelton sold land that had cost $86,500 for $153,500 cash. The balance in the Land account on December 31, Year 1 was $299,500. 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. (Amounts to be deducted should be indicated with a minus sign) Cash flow from investing activities Net cash flow from investing activities