On January 1, Year 1, Thornton Company had a balance of $259,000 in its Land account. During Year 1. Thornto that had cost $78,000 for $150,000 cash. The balance in the Land account on December 31, Year 1, was $289,5 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 Required A Required B On January 1, Year 1. Thornton Company had a balance of $259,000 in its Land account. During Year 1. Thornton sold land that had cost $78,000 for $150,000 cash. The balance in the Land account on December 31, Year 1 was $289,500. 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 Prepare the investing activities section of the Year 1 statement of cash flows. (Cash outflows should be indicated with minus sign.) Cash flow from investing activities On January 1, Year 1. Thornton Company had a balance of $259,000 in its Land account. During Year 1, Thornton sold land that had cost $78,000 for $150,000 cash. The balance in the Land account on December 31, Year 1, was $289,500. 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 Prepare the investing activities section of the Year 1 statement of cash flows. (Cash outflows should be indicated with minus sign.) Cash flow from investing activities Not cash flow from investing activitios