Comparison of Cash Flows and Accrual Basis
Underhill Corporation's Statement

Comparison of cash flows and accrual basis
Underhill Corporation's statement of cash flows for 2014 shows the following information regarding investing activities:
$\begin{array}{|l|c|}\hline \text { Purchases of equity securities } & \$(1,518,000) \\\hline \text { Proceeds from sale of equity securities } & 811,000 \\\hline \text { Proceeds from sale of land } & 425,000 \\\hline \text { Net cash used in investing activities } & \$(282,000) \\\hline\end{array}$ Underhill Corporation's income statement for 2014 includes the following items:
$\begin{array}{|l|l|}\hline \text { Loss on sale of equity securities } & \$ 157,000 \\\hline \text { Gain on sale of land } & \$ 179,000 \\\hline\end{array}$ (a) All payments and proceeds relating to these transactions were in cash. Using this information, compute the following:
(1) Cost of the land sold during 2014 $_____________
(2) Cost (book value) of equity securities sold during 2014 $_____________
(b) Underhill Corporation's statement of financial position at the end of 2013 showed Land of $3,057,000 and Investment in Equity Securities of $2,218,000. On the basis of the data presented above, compute the amount to be reported for Land and for Investment in Equity Securities on Underhill Corporation's statement of financial position at the 31 December 2014.