Response to the following questions:
1. Identify the type of cash flow activity for each of the following events (operating, investing, or financing):
a. Purchased patents.
b. Purchased buildings.
c. Purchased treasury stock.
d. Sold equipment.
e. Net income.
f. Issued preferred stock.
g. Redeemed bonds.
h. Paid cash dividends.
i. Sold long-term investments.
j. Issued common stock.
k. Issued bonds.
2. Maytag Corporation has 49 days in accounts receivable, 46 days in inventory, and 49 days in accounts payable. What is Maytag's cash conversion cycle?