See the cash flow statement below (all values in thousands of dollars):

a. What were the company’s cumulative earnings over these four quarters? What were its cumulative cash flows from operating activities?

b. What fraction of the cash from operating activities was used for investment over the four quarters?

c. What fraction of the cash from operating activities was used for financing activities over the four quarters?

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Quarter Net income 4 3 2 1 276,710 228,964 194,062 218,532 Operating Activities, Cash Flows Provided by or Used in Depreciation 69,997 75,733 74,570 73,173 Adjustments to net income 14,359 (13,142) 48,826 (47,993) Changes in accounts receivable (38,869) (53,218) 100,732 (84,711) Changes in liabilities 82,816 (111,577) 201,725 39,949 Changes in inventories (195,186) (114,121) 85,028 57,681 Changes in other operating 17,675 (26,574) 12,692 (2,097) activities