Determining Investing and Financing Activities The following items are relevant to the preparation of a statement of cash flows for Tropical Products Inc. 1. Sale of common stock, $800,000. 2. Retirement of bonds payable, $568,000. 3. Purchase of land, $16,000. 4. Sale of equipment for $38,400, at a loss of $8,000. 5. Purchase of equity securities (not held in a trading account), $16,000. 6. Declaration of cash dividends, $64,000. 7. Loan of $48,000 resulting in a note receivable, nontrade. 8. Purchase of a patent, $32,000. 9. Proceeds from the issuance of a short-term nontrade note, $16,000. Note: For the following questions, indicate a net cash outflow with a negative sign. a. Determine the amount of net cash flows that would be reported in the investing section of a statement of cash flows. $ b. Determine the amount of net cash flows that would be reported in the financing section of a statement of cash flows. $ Check