On January 1, Year 1, Shelton Company had a balance of $265,000 in its Land account. During Year 1, Shelton sold land that had cost $93,000 for $145,000 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.)