Activity Classification. Classify each of the following transactions as an operating activity, an investing activity, or a financing activity. Also indicate whether the activity is a source of cash or a use of cash.
1. A plant was sold for $550,000.
2. A profit of $75,000 was reported.
3. Long-term bonds were retired.
4. Cash dividends of $420,000 were paid.
5. Four hundred thousand share of preferred stock were sold.
6. A new high-tech robotics was purchased.
7. A long-term note payable was issued.
8. A 50 percent interest in a company was purchased.
9. A loss for the year was reported.
10. Additional common stock was sold.