A company completed the following transactions involving investments during the current year. Purchased money market funds for Sold available-for-sale securities (cost $60,000) for Purchased trading securities for $50,000 70,000 55,000 The company uses the indirect method to prepare the operating activities section of the statement of cash flows. The following statements describe how the company reported the cash flow effects of the above transactions, Which of the following has been reported incorrectly? a. Proceeds of $70,000 were reported as a cash inflow in the investing activities section. b. Payments of $55,000 for trading securities were reported as a cash outflow in the operating activities section c. Payments of $50,000 for money market funds were reported as a cash outflow in the investing activities section d. A gain of $10,000 on the sale of available-for-sale securities was deducted from net income in the operating activities