Determine whether each of the following events results in an inflow or outflow of cash. For those that affect cash, state whether the inflow or outflow would be considered an operating, investing, or financing cash flow under GAAP.

Required:
1. A bond with a face value of $1,000,000 is issued for $960,000.
2. At year-end, $45,000 accrued interest payable is recorded and $1,000 of the bond discount is amortized.
3. Early in the second year, the accrued interest recorded in requirement (2) is paid.
4. The debt matures at the end of the fifth year.