During the year, Davis Company sold equipment with a book value of $280,000 for $400,000 (original purchase cost of $480,000). New equipment was purchased. Davis provided the following comparative balance sheets: Davis Company Comparative Balance Sheets At December 31, 20X1 and 20X2 Line Item Description 20X1 20X2 Long-Term Assets: Plant and equipment $2,200,000 $2,130,000 Accumulated depreciation (1,200,000) (1,270,000) Land 1,000,000 1,442,500 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Required: Calculate the investing cash flows for the current year. Use a minus sign to indicate a cash outflow. fill in the blank 1 of 1$ Check My Work2 more Check My Work uses remaining.