An analysis of the comparative balance sheet, the current year’s income statement, and the general ledger accounts of Wellman Corp. uncovered the following items. Assume all items involve cash unless there is information to the contrary. Assume Wellman uses ASPE to prepare its financial statements. 

1. Payment of interest on notes payable 

2. Exchange of land for patent 

3. Sale of building at carrying amount

4. Payment of dividends  

5. Depreciation

6. Receipt of dividends on investment  

7. Receipt of interest on notes receivable

8. Issuance of common shares

9. Amortization of patent 

10. Issuance of Wellman bonds at par for land 

11. Purchase of land 

12. Conversion of bonds into common shares

13. Sale of land at a loss 

14. Sale of Wellman bonds

Instructions 

Indicate how each item should be classified in the cash flow statement using these four major classifications: operating activity (indirect method), investing activity, financing activity, and significant noncash investing and financing activity.