Which of the following statements concerning the statement of cash flows is true?

When pension expense exceeds cash funding, the difference is deducted from investing activities on the statement of cash flows.

IFRS requires companies to classify all income taxes paid as operating cash outflows.

Companies may report the cash flows from purchases and sales of trading investments as cash flows from operating activities.

Under IFRS, the purchase of land by issuing ordinary shares will be shown as a cash outflow under investing activities and a cash inflow under financing activities.