On January 1, Year 1, Thornton Company had a balance of $266,500 in its Land account. During Year 1, Thornton sold lan that had cost $80,000 for $151,500 cash. The balance in the Land account on December 31 , Year 1, was $297,500. 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. Determine the cash outflow for the purchase of land during Year 1. Complete this question by entering your answers in the tabs below. Prepare the investing activities section of the Year 1 statement of cash flows. Note: Cash outflows should be indicated with minus sign