CASH FLOW ACTIVITIES EXAMPLE Overbay Corporation had the following transactions. 1. Sold land (cost $12,000) for $16,000. 2. Issued common stock for $25,000. 3. Recorded depreciation of $20,000. 4. Paid salaries of $12,000. 5. Issued 1,000 shares of $1 par value common stock for equipment worth $12,000. 6. Sold equipment (cost $10,000, accumulated depreciation $7,000) for $2,000. For each transaction above, indicate how it would affect the statement of cash flows. Assume the indirect method