During Year 1, El Paso Company had the following changes in account balances:

• The Accumulated Depreciation account had a beginning balance of $57,500 and an ending balance of $80,500. The increase was due to depreciation expense.
• The Long-Term Notes Payable account had a beginning balance of $92,000 and an ending balance of $39,000. The decrease was due to repayment of debt.
• The Equipment Account had a beginning balance of $65,000 and an ending balance of $213,500. The increase was due to the purchase of other operational assets.
• The Long-Term Investments Account (Marketable Securities) had a beginning balance of $46,800 and an ending balance of $32,500. The decrease was due to the sale of investments at cost.
• The Dividends Payable account had a beginning balance of $31,200 and an ending balance of $26,000. There were $52,000 of dividends declared during the period.
• The Interest Payable account had a beginning balance of $5,850 and an ending balance of $3,250. The difference was due to the payment of interest.

What is the net cash flow from investing activities?

Multiple Choice

a) $157,200 outflow

b) $157,200 inflow

c) $134,200 inflow

d) $134,200 outflow