12.4 On 5 January 2004 Guidotti & Bruni SpA issued new shares for EUR 600,000.

The company acquired PPE for EUR 280,000 and inventory for EUR 130,000.

In December 2004 it sold equipment at its book value of EUR 40,000. Half of the inventory was sold for EUR 110,000 during the year. On 23 December 2004, excess cash of EUR 120,000 was used to purchase bonds issued by Baldi SpA, which Guidotti & Bruni regarded as a long-term investment.

Prepare the investing activities section of the cash flow statement for Guidotti & Bruni SpA for 2004.