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Michael Phelps Corporation had the following transactions during the year. 1. Issued $50,000 par value...

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Accounting

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Michael Phelps Corporation had the following transactions during the year. 1. Issued $50,000 par value common stock for cash. 2. Collected $16,000 of accounts receivable. 3. Declared and paid a cash dividend of $25,000. 4. Sold a long-term investment with a cost of $15,000 for $15,000 cash. 5. Issued $200,000 par value common stock upon conversion of bonds having a face value of $200,000. 6. Paid$18,000 on accounts payable. 7. Purchases a machine for $30,000, giving a long-term note in exchange. Instructions: Analyze the transactions on the previous page and indicate whether each transaction resulted in a cash flow from (a) operating activities, (b) investing activities, (c) financing activities, or (d) noncash investing and financing activities

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