Given the following information for the Hilu Company Statement of Cash Flows.

Gain on Sale of Equipment 15

Cash received from Sale of Equipment 40

Depreciation Expense 8

Bonds issued at par 30

Prepaid Expense decrease 12

Net Income 22

Cash paid to purchase XYZ bonds 16

Common Stock issued 25

Cash paid to retire bonds 10

Net Cash Flows from Operations is:

Select one:

a.

$27

b.

$17

c.

$5

d.

$12

e.

$43