Prepare the Statement of Cash Flows - Investing and Financing Sections in good form:

III. Preparation of statement of cash flows investing and financing activities (15 points) In preparation for developing its statement of cash flows for the year just ended, Schmidt Distributors collected the following information (S in millions) Purchase of treasury bills (considered a cash equivalent) Sale of preferred stock Gain on sale of land Proceeds from sale of land Issuance of bonds payable for cash Purchase of equipment for cash Purchase of GE stock Declaration of cash dividends Payment of cash dividends declared in previous year Purchase of treasury stock Payment for the early extinguishment of 150 4 25 140 30 35 130 120 long-term notes (carrying (book) value: $100 million) Required: 1. In good form, prepare the investing activities section of Schmidt's cash flow statement 110 2. In good form, prepare the financing activities section of Schmidt's cash flow statement