On January 1, Year 1, Shelton Company had a balance of $277.000 in its Land account. During Year 1, Shelton sold land that had cos $77,500 for $153,500 cash. The balance in the Land account on December 31, Year 1 , was $290,500. 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.)