Wilderness Equipment Ltd had these transactions during 2015:

(a) Purchased a machine for $37 500, giving a long-term note in exchange.

(b) Issued ordinary shares for $62 500 in cash.

(c) Collected $20 000 of accounts receivable.

(d) Declared and paid a cash dividend of $31 250.

(e) Sold a long-term investment with a cost of $18 750 for $18 750 cash.

(f) Convertible notes with a carrying amount of $250 000 were converted to ordinary shares at $250 000.

(g) Paid $22 500 on accounts payable.

Required

(a) Analyse the above transactions and indicate whether each transaction resulted in a cash flow from operating activities, investing activities, financing activities, or was a non-cash investing and financing activity.

(b) What are the differences between operating, investing and financing activities?