Cowell Company had the following business activities during 2009:
a. Paid cash for inventory
b. Paid cash dividend to shareholders
c. Issued common stock for cash
d. Purchased equipment for cash
e. Paid interest on long-term debt
f. Acquired land in exchange for common stock
g. Received cash from the sale of merchandise
h. Issued bonds payable in exchange for cash
i. Paid salaries to employees
j. Sold equipment for cash
k. Purchased inventory on account
l. Recorded amortization related to an intangible asset
Cowell Company uses the indirect method to prepare its statement of cash flows.

Required:
1. Indicate whether each activity should be classified as a cash flow from operating activities, a cash flow from investing activities, a cash flow from financing activities, or a noncash investing and financing activity. Assume that Cowell Company uses the indirect method.
2. For each activity that is reported on the statement of cash flows, indicate whether each activity produces a cash inflow, a cash outflow, or has no cash effect.