On January 1, Year 1, Shelton Company had a balance of $268,500 in its Land acco

Question

On January 1, Year 1, Shelton Company had a balance of $268,500 in its Land account. During Year 1 Shelton sold land that had cost $87000 for $151,500 cash. The balance in the Land account on December 31, Year 1, was $290,500. Required a. Determine the cash outflow for the purchase of land during Year 1 outlow for the of b. Prepare the investing activities section of the Year 1statement of cash flows. (Amounts to be deducted should be indicated with a minus sign) Cash fow from investing activibes: Paid for purchase of land Proceeds from sale of land Net cash flow from investing activites

Explanation / Answer

requirement a.

working:

requirement b

.investing activities section of year 1 statement of cash flows:

cash outflow for the purchase of land $109,000

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