A company completed the following transactions involving investments during the current year: Purchased money market funds for $50,000 Sold available-for-sale securities (cost $60,000) for $70,000 Purchased trading securities for $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. Payments of $55,000 for trading securities were reported as a cash outflow in the operating activities section. b. A gain of $10,000 on the sale of available-for-sale securities was deducted from net income in the operating activities section. c. P