Sorensen Company provides the following information related to its investing and financing activities for the current year:

Cash receipts:

Sale of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $250,000

Sale of equipment (at $34,000 loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .156,000

Sale of land (at $50,000 gain) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,000

Cash payments:

Purchase of equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $178,000

Purchase of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45,000

Retirement of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,500

Dividends on preferred and common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000

a. Calculate the net amount of cash provided by or used for investing activities for the year.

b. What impact, if any, do the following facts have on your calculation? (1) Equipment was sold at a $34,000 loss, and (2) land was sold at a $50,000 gain.

c. Briefly explain your decision to exclude any of the items listed above if they were not included in your calculation in part a.