Acct 3110- Section 1 11. Which of the following items is not considered an investing cash outflow in the statement of cash flows? a) Purchase of equipment. b) Purchase of securities. c) Purchase of common stock of another company d) Purchase of inventory 12. Each of the following would be reported as items of other e EXCEPT: a) Gains from foreign currency translation adjustments. b) Unrealized gains on investments accounted for as securities available for sale. c) Deferred gains from derivatives. d) Contingent gains from the sale of land. 13. Somerset Leasing received $12,000 for 24 months' rent in advance. How should Somerset record this transaction? a. Prepaid rent 12,000 Rent expense 12,000 12,000 b. Cash Deferred revenue 12,000 c. Interest expense 12,000 Interest payable 12,000 d. Salaries expense 12,000 Salaries payable 12,000 14. Selected information from the 2016 accounting records of Dunn's Auto Dealers is as follows: Cost of furniture purchased for cash Proceeds from bank loan Repayment of bank loan (includes interest of $4,000) Proceeds from sale of equipment Cash collected from customers Purchase of stock of another corporation as an investment $ 8,000 100,000 44,000 5,000 320,000 20,000