Using the following information from an annual report, prepare a Common size (vertical analysis) of the consolidated statement of earnings for the fiscal year ended June 30, 2014. (Round percentage answers to one decimal place.) 2 points

	(In millions)
Net sales	$18,862
Cost of sales	10,321
Gross margin	$ 8,541
Selling expenses General and Administrative expenses	$ 3,043 978
Total operating expenses	$ 4,021
Income from operations	$ 4,520
Interest expense	(80)
Earnings before income taxes	$ 4,440
Income taxes	(1,161)
Net earnings	$ 3,279

Indicate on the blanks below the letter of the type of activity each of the following transactions represents.

(O = operating activity, I = investing activity, F = financing activity, N = noncash transaction) (8 points)

_____ 1. A corporation sold (issued) 8,000 shares of its own common stock for cash.

_____ 2. Sold $200,000 of plant assets for carrying value.(ie no gain or loss)

_____ 3. Paid $120,000 dividend to our shareholders.

_____ 4. Received $1,500 in interest income.

_____ 5. Exchanged 6,000 shares of stock for 15-year bonds.

_____ 6. Paid $121,000 to the IRS for income taxes.

_____ 7. Purchase of another companys stock

_____ 8. Paying employees