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On January 1, Year 1, Shelton Company had a balance of $275,000in its Land account....

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Accounting

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On January 1, Year 1, Shelton Company had a balance of $275,000in its Land account. During Yeat 1, Strelton sold land that hid cost $79.500 for $157,000 cash. The balance in the Land account on December 31, Year 1, was $290.000. Required 0. Dectmine the cash outhow for the purchase of land duing Year 1. b. Prepare the investing activities section of the Yeat 1 statement of cash flows. (Amounts to be deducted should be indicoted with a minus sign.)

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