M11-23. Classification of Cash Flows LO1 Shake Shack Inc. reports the following items in its 2015 statement of cash flow. For each item, Shake Shack (SHAK) indicate whether it would appear in the operating, investing, or financing section of the statement of cash flows (in $ thousands). MBC $ 201 b. Proceeds from issuance of Class B common stock c. Equity-based compensation . d Inventories e. Purchases of property and equipment. . .. . .. . . 16,681 (14) g. Net income h. Payments on revolving credit facility.. 3,124 (36,000) j. Depreciation expense 10,222