Please help with question #2. Thanks for your help

$0 2 Consolidated Statements of Cash Flows Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 3 CASH FLOWS FROM OPERATING ACTIVITIES 4 Net income $216,355,000 $122,327,000 $106,712,000 Adjustments to reconcile net income to net cash provided 5 by operating activities: 6 Depreciation and amortization $14,330,000 $6,680,000 $6,996,000 Depreciation and amortization - marketing and reservation 7 system $19,597,000 $20,609,000 $20,663,000 8 Franchise agreement acquisition cost amortization $9,239,000 $7,191,000 $6,423,000 9 Impairment of goodwill $4,289,000 $0 10 Gain on disposal of assets, net -$56,000 -$237,000 $571,000 11 Provision for bad debts, net $10,542,000 $5,514,000 $3,365,000 12. Non-cash stock compensation and other charges $15,986,000 $22,857,000 $15,346,000 13 Non-cash interest and other investment (income) loss $3,695,000 $772,000 $1,059,000 14. Deferred income taxes $3,510,000 $57,106,000 $29,723,000 Equity in net losses from unconsolidated joint ventures, less 15 distributions received $7,389,000 $6,579,000 $1,025,000 Franchise agreement acquisition cost, net of 16 reimbursements -$52,929,000 -$30,638,000 $17,410,000 17 Change in working capital and other, net of acquisition $2,031,000 $40,158,000 $38,150,000 18 Net cash provided by operating activities $242,896,000 $257,374,000 $152,035,000 19 CASH FLOWS FROM INVESTING ACTIVITIES 20 Investment in property and equipment -$47,673,000 $23,437,000 $25,191,000 Instructions 10-K Document Questions Income Statement Balance Sheet Statement of Cash Flows Rati $2,517,000 $1,000,000 $0 SO $50,554,000 $4,569,000 -$2,447,000 $2,245,000 $19,738,000 $655,000 $109,000 -$90,115,000 $2,580,000 $11,462,000 $28,583,000 $1,341,000 $34,661,000 $3,700,000 $1,661,000 $1,911,000 -$32,604,000 $11,070,000 $11,000 $98,467,000 21 Investment in intangible assets $1,803,000 22 Proceeds from sales of assets $3,053,000 23 Asset acquisition, net of cash acquired -$3,179,000 24 Business acquisition, net of cash acquired $231,317,000 25 Contributions to equity method investments $9,604,000 26 Distributions from equity method investments $1,429,000 27 Purchases of investments, employee benefit plans -$2,895,000 28 Proceeds from sales of investments, employee benefit plans $2,825,000 29 Issuance of notes receivable $36,045,000 30 Collections of notes receivable $4,997,000 31 Other items, net -$1,040,000 32 Net cash used in investing activities $321,252,000 33 CASH FLOWS FROM FINANCING ACTIVITIES 34 Proceeds from issuance of long term debt $9,037,000 Net (repayments) borrowings pursuant to revolving credit 35 facilities $20,600,000 36 Principal payments on long-term debt $603,000 37 Proceeds from other debt agreements $0 38 Debt issuance costs -$2,590,000 39 Purchases of treasury stock $148,679,000 40 Dividends paid -$48,715,000 41 Proceeds from transfer of interest in notes receivable $173,000 42 Proceeds from exercise of stock options $41,360,000 43 Net cash used in financing activities $129,417,000 Instructions 10-K Document Questions Income Statement $0 SO $115,000,000 $660,000 $0 $0 -$9,807,000 $48,651,000 $24,237,000 $14,107,000 -$135,777,000 Balance Sheet $25,795,000 $988,000 $550,000 $284,000 -$35,926,000 -$46,182,000 SO $12,951,000 -$44,084,000 Statement of Cash Flows Ratio Analysis D ILU. TI 44 Net change in cash and cash equivalents -$207,773,000 $31,482,000 $9,484,000 Effect of foreign exchange rate changes on cash and cash 45 equivalents $921,000 $1,391,000 $462,000 46 Cash and cash equivalents at beginning of period $235,336,000 $202,463,000 $193,441,000 47 Cash and cash equivalents at end of period $26,642,000 $235,336,000 $202,463,000 48 Cash payments during the year for: 49 Income taxes, net of refunds $77,357,000 $39,181,000 $65,683,000 50 Interest, net of capitalized interest $43,254,000 $42,405,000 $41,992,000 51 Non-cash investing and financing activities: 52 Dividends declared but not paid $11,977,000 $12,185,000 $12,112,000 Investment in property, equipment and intangibles acquired 13 in accounts payable and accrued liabilities $5,949,000 $1,099,000 $3,648,000 54 Sale of investment in unconsolidated joint venture $0 $2,350,000 $5 Seller-financing to purchaser $0 $2,000,000 56 7 Questions: 58 59 1. When you examine the Statement of Cash Flows, you recognize an Asset Acquisition. What business did Choice Hotels 50 Cambria Hotels The aggregate purchase price was $29.0 million consisting of SU SO million in acquisition related costs, which were excused in the period 66 2. What does the Investment in intangible assets item represent? 73 3. What does the "Principal payments on long-term debt" item represent