On January 1, Year 1, Shelton Company had a balance of $275,000 in its Land account. During Year 1, Shelton sold land that had cost $80,000 for $156,500 cash. The balance in the Land account on December 31, Year 1, was $291,500. 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. Required A Required B Determine the cash outflow for the purchase of land during Year 1. Cash outflow for the purchase of land