Baldwin currently has $19,378 (000) in cash and management has decided to issue stocks and bonds worth an additional $8,000 (000). Assuming that cash from operations will be the same for each of the following activities, which activity exposes this company to the most risk of being issued an emergency loan?

Retiring the oldest bond

Purchasing $18,000 (000) worth of plant and equipment

A $5 dividend

Liquidate the entire inventory