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Determine the cash outflow for the purchase of land during

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Reference no: EM13918339

On January 1, 2013, Shelton Company had a balance of $325,000 in its Land account. During 2013, Shelton sold land that had cost $106,500 for $132,000 cash. The balance in the Land account on December 31, 2013, was $285,000. 

Required:
 
a. Determine the cash outflow for the purchase of land during 2013.
 
b. Prepare the investing activities section of the 2013 statement of cash flows.

Reference no: EM13918339

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