Condensed financial data of Needles Corporation appear below:

NEEDLES CORPORATION

Comparative Statements of Financial Position

As at December 31, 2013

2013

2012

Assets

Cash

$74,700

$35,000

Accounts receivable

90,000

53,000

Merchandise inventory

120,000

132,000

Prepaid expenses

21,000

25,000

Long-term investments

90,000

75,000

Property, plant, and equipment

310,000

250,000

Accumulated depreciation

-65,000

-60,000

Total

$640,700

$510,000

Liabilities and Shareholders' Equity

Accounts payable

$93,000

$75,000

Accrued expenses payable

29,000

24,000

Bonds payable

135,000

160,000

Common shares

240,000

170,000

Retained earnings

143,700

81,000

Total

$640,700

$510,000

NEEDLES CORPORATION

Income Statement

Year Ended December 31, 2013

Sales

$500,000

Expenses:

Cost of goods sold

$295,000

Operating expenses

65,000

Depreciation expense

17,000

Interest expense

18,000

Loss on sale of equipment

3,000

398,000

Profit before income tax

102,000

Income tax expense

15,300

Profit

$86,700

Additional information regarding fiscal 2013:

1.New equipment costing $85,000 was purchased for cash.

2.Old equipment costing $25,000 was sold for $10,000 cash when the carrying amount was $13,000.

3.Cash dividends were declared and paid during the year.

4.Accounts payable pertain to merchandise purchases.

Cash Flow from (or used by) Investing Activities for Needles Corporation is?

Question 52 options:

($90,000)

($120,300)

($105,000)

$95,000

None of the above