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Determining Investing and Financing Activities The following items are relevant to the preparation of a statement of cash flows for Tropical Inc. 1. Sale of common stock, $1,000,000. 2. Retirement of bonds payable, $710,000. 3. Purchase of land, $20,000. 4. 5ale of equipment for $48,000, at a loss of $10,000. 5. Purchase of equity securities (not held in a trading account), $20,000. 6. Declaration of cash dividends, $80,000. 7. Loan of $60,000 resulting in a note receivable. nontrade. 8. Purchase of a patent, $40,000. 9. Proceeds from the issuance of a short-term nontrade note, $20,000. Note: For the following questions, indicate a net cash outllow 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