On January 1, Year 1, Shelton Company had a balance of $277,500 in its Land account. During Year 1, Shelton sold land that had cost $80,000 for $147,000 cash. The balance in the Land account on December 31, Year 1, was $289,000. 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. (Amounts to be deducted should be indicated with a minus sign.) Cash flow from investing activities Net cash flow from investing activities