A long-term loan was obtained to purchase land for a new manufacturing plant. Payment of the long-term debt will Select answer from the options below reduce cash and reduce long-term debt. This transaction will be classified as an investing activity. reduce cash and reduce long-term debt. This transaction will be classified as a financing activity. reduce cash and increase land on the Balance Sheet. This transaction will be classified as an investing activity. reduce accounts payable and increase land on the Balance Sheet. This transaction will be classified as a financing activity