Indicate the effect, If any, that each separate transaction has on financing cash flows.

Note: Select $"$No Effect" If there is no effect.

a$.$ Long$-$term notes payable wlth a carrylng value of $$18,200$ are retired for $$20,800$ cash, resulting In a $$2,600$ loss.

b$.$ Pald cash dividends of $$14,200$ to common stockholders.

c$.$ Acquired $$23,200$ worth of machinery in exchange for common stock.