Gibraltar Industries is a Buffalo, New York-based manufacturer of high-value-added steel products. In a recent year, it reported the following activities:
Acquisitions (investments in other companies) . $ (84,243)
Decrease in inventories ............ 11,056
Depreciation and amortization ......... 22,448
Long-term debt reduction .......... (118,100)
Net cash provided by operating activities ..... 64,663
Net income ................. 26,953
Net proceeds from issuance of common stock ... 73,558
Net proceeds from sale of property and equipment .. 436
Payment of dividends ............. (2,733)
Proceeds from long-term debt .......... 122,144
Purchases of other equity investments ...... (7,797)
Purchases of property, plant, and equipment .... (22,571)

Required:
1. Based on this information, present the cash flow from investing and financing activities sections of the cash flow statement.
2. Compute the capital acquisitions ratio. What does the ratio tell you about Gibraltar’s ability to finance purchases of property, plant, and equipment with cash provided by operating activities?
3. What do you think was Gibraltar management’s plan for the use of the cash generated by the issuance of common stock?