15. Which of the following items about the statement of cash flows is correct? The acquisition of land by issuing bonds payable would be shown on the investing as well as the financing activities sections. Cash equivalents are highly liquid investments with maturities at the date of purchase of less than three months. Cash paid for interest would be classified as a financing activity. Non-cash expenses such as depreciation are deducted from net income with the indirect method in computing cash flows from operating activities. x