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On January 1, Year 2, MicroChips Incorporated had a balance of $470,000 in its buildings...

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Accounting

On January 1, Year 2, MicroChips Incorporated had a balance of $470,000 in its buildings account. During Year 2, the company sold
buildings that had cost $220,500 for $275,000 cash. The balance in the buildings account on December 31, Year 2, was $282,000.
Required:
a. Determine the cash outflow for the purchase of buildings during Year 2.
b. Prepare the investing activities section of the Year 2 statement of cash flows.
Complete this question by entering your answers in the tabs below.
Determine the cash outflow for the purchase of buildings during Year 2.
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