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J. Kamas and G. Charrier have been operating a catering business for several years. In March, the partners plan to expand by opening a retail sales shop. They have decided to form the business as a corporation called Traveling Gourmet, Incorporated. The following transactions occurred in March:

1. Received $80,000 cash from each of the two shareholders to form the corporation, in addition to $2,000 in accounts receivable, $5,300 in equipment, a van (equipment) appraised at a fair value of $13,000, and $1,200 in supplies. Gave the two owners each 500 shares of common stock with a par value of $1 per share.
2. Purchased a vacant store for sale in a good location for $360,000, making a $72,000 cash down payment and signing a 10-year mortgage note from a local bank for the rest.
3. Borrowed $50,000 from the local bank on a 10 percent, one-year note.
4. Purchased food and paper supplies costing 10,200 in March; paid cash.
5. Catered four parties in March for $4,200; $1,600 was billed and the rest was received in cash.
6. Sold food at the retail store for $16,900 cash.
7. Used food and paper supplies costing $10,830.
8. Received a $420 telephone bill for March to be paid in April.
9. Paid $363 in gas for the van in March.
10. Paid $6,280 in wages to employees who worked in March.
11. Paid a $300 dividend from the corporation to each owner.
12. Purchased $50,000 of equipment (refrigerated display cases, cabinets, tables, and chairs) and renovated and decorated the new store for $20,000 (added to the cost of the building); paid cash.

2. Identify operating, investing, and financing activities affecting cash flows. Include the direction and amount of the effect.

Note: Cash outflows should be indicated with a minus sign. If there is no effect on the statement of cash flows, select "No effect"

\begin{tabular}{|c|c|c|} \hline Transaction & Type of Activity & Direction and Amount of Effect \\ \hline a. & & \\ \hline b. & Financing & \\ \hline c. & Investing & \\ \hline d. & No effect & \\ \hline e. & Operating & \\ \hline f. & & \\ \hline g. & & \\ \hline h. & & \\ \hline i. & & \\ \hline j. & & \\ \hline k. & & \\ \hline I. & & \\ \hline \end{tabular}