Exercise 12-8A (Algo) Determining cash flow from investing activities LO 12-3 On January 1, Year 1, Shelton Company had a balance of $275,000 in its Land account. During Year 1 , Shelton sold land that hod cost $83,000 for $147,000 cash. The balance in the Land account on December 31, Year 1 , was $283,000. 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 Note: Amounts to be deducted should be indicated with a minus sign