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Question(s) / Instruction(s):

An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Gagliano Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary. Instructions Indicate how each item should be classified in the statement of cash flows using these four major classifications: operating activity (indirect method), investing activity, financing activity and significant noncash investing and financing activity. 1. Payment of interest on notes payable 2. Exchange of land for patent 3. Sale of building at book value 4. Payment of dividends 5. Depreciation 6. Receipt of dividends on investment in stock 7. Receipt of interest on notes receivable 8. Issuance of capital stock 9. Amortization of patent 10. Issuance of bonds for land 11. Purchase of land 12. Conversion of bonds into common stock 13. Loss on sale of land (loss only) 14. Retirement of bonds

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