Your answer is partially correct. Try again. The following is a list of transactions that took place during the year: Classify each of the below transactions as an operating activity, Investing activity, financing activity, or noncash Investing and financing activity. If it does not fit into one of these classifications, indicate that there is no effect. The first one has been done for you as an example. (b) Specify if the transaction will result in a cash receipt, cash payment, or have no effect on cash. (c) Indicate if the transaction will increase, decrease, or have no effect on net income. (c) (a) Classification Operating Activity (b) Cash Flow Cash Payment Profit 1. Decrease Paid salaries to employees. Sold land for cash, at a gain. 2. operating Activity Cash Payment Decrease 3-i. Purchased a building by making a down payment in cash. Investing Activity Cash Receipt Increase 3-il. Purchased a building by signing a mortgage payable for the balance. Investing Activity Cash Payment No Effect 4. Made a principal repayment on the mortgage Investing Activity No Effect No Effect 5. Paid interest on the mortgage. E Financing Activity M Cash Payment No Effect Issued common shares for cash. X Financing Activity Cash Payment x Decrease 7. Purchased shares of another company to be held as a long-term non-strategic investment. Financing Activity Cash Receipt No Effect 8. Pald dividends to shareholders. Investing Activity Cash Payment Decrease Operating Activity No Effect Uncreasc 9. Sold inventory on account, at a price greater than cost. The company uses a perpetual inventory system. 10. Wrote down the cost of the remaining inventory to its net realizable value. Operating Activity No Effect Decreasc