Cash proceeds of $72,000 include a $12,000 gain on the sale of land and the $60,000 cost (book value) of the land. Which of the following is true?

a. The $12,000 gain is deducted from net income in the Operating Activities section.

b. The entire cash proceeds appear as a cash inflow in the Investing Activities section.

c. The book value does not appear as a cash inflow or outflow anywhere on the statement.

d. All of these choices are correct.