Mudd Vehicles, Inc. identified the following selected transactions that occurred during the year ended December 31, 2025: 

a. Issued 1,250 shares of $2 par common stock for cash of $26,000. 

b. Issued 5,500 shares of $2 par common stock for a building with a fair value of $101,000. 

c. Purchased new truck with a fair value of $28,000. Financed it 100% with a long-term note. 

d. Retired short-term notes payable of $23,000 by issuing 2,400 shares of $2 par common stock. 

e. Paid long-term notes payable of $10,500 to Bank of Tallahassee. Issued new long-term notes payable of $21,000 to Bank of Trust. 

Identify any non-cash transactions that occurred during the year and show how they would be reported in the non-cash investing and financing activities section of the statement of cash flows.