In preparation for developing its statement of cash flows for the year just ended, Schmidt Distributors collected the following information:

($ in millions)

Purchase of treasury bills (considered a cash equivalent) 6 Sale of preferred stock 150 Gain on sale of land 4

Proceeds from sale of land 25

Issuance of bonds payable for cash 140

Purchase of equipment for cash 30

Purchase of GE stock 35

Declaration of cash dividends 134

Payment of cash dividends declared in previous year 130

Purchase of treasury stock 120

Payment for the early extinguishment of long-term notes (carrying (book) value: $100 million) 110

1. In good form, prepare the investing activities section of Schmidts cash flow statement.

2. In good form, prepare the financing activities section of Schmidts cash flow statement.