Classify each of the following transactions as operating, financing, or investing activities, or none of these classifications, and state whether it is an inflow or outflow of cash.
1. Bonds were retired.
2. Land was sold at a gain.
3. Preferred shares were converted into common shares.
4. Machinery was purchased by giving a long-term note to the seller.
5. Common shares were sold for cash.
6. Dividends were received on shares of another company held as an investment.
7. Paid utilities expense.
8. A share dividend was declared and issued on common shares.