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

Net Income 30

Unearned Revenue decrease 2

Common Stock issued 30

Sale of XYZ Bonds 3

Depreciation Expense 7

Bonds issued 24

Cash received from Sale of Equipment 20

Loss on Sale of Equipment 4

Cash dividends paid 6

Net Cash Flows from Investing is:

Select one:

a.

$20

b.

$23

c.

$17

d.

$3

e.

$27