Gulf Oil Comparative Balance Sheets December 31 Assets Cash Accounts Receivable Inventory Prepaid Expenses Long-term Investments 2012 2011 43,108 517,113 38,118 38,334 43,765 43,059 39,360 22,258 178,179 213,189 Land 92,062 109,214 Buildings 222,104 222,104 Equipment 164,082 141,750 Accumulated Depreciation (64,885) (108,347) Total 738,301 1,216,266 Liabilities and Stockholders' Equity Accounts Payable Interest Payable Income Taxes Payable Bonds Payable Common Stock 48,149 45,634 30,601 48,379 30,170 22,951 198,000 154,000 152,000 351,000 Courses/109414/quizzes/secured lockdown Bonds Payable Common Stock Retained Earnings Total 198,000 154,000 152,000 351,000 271,337 602,346 738,301 1,216,266 Gulf Oil Income Statement For the Year Ended December 31, 2012 Sales 1,408,092 Less: Cost of goods sold 779,529 Operating expenses (including total depreciation of $80,987). 129,579 Interest expense 9,240 Net GAIN on sale of property, plant, & equipment (1,419) 916,929 Income before taxes 491,163 Income taxes 122,238 Net income or (loss) 368,925 Additional Information: 1). Land costing $32,857 was purchased for cash. 2). Old equipment having an original cost of $57,949 and accumulated depreciation of $37,525 was sold for $22,424 cash. 3). Land having an original cost of $24,705 was sold for $24,124 cash. 4). Bonds payable of $44,000 matured and were paid off at face value for cash. Income before taxes Income taxes Net income or (loss) Additional Information: 1). Land costing $32,857 was purchased for cash. 2). Old equipment having an original cost of $57,949 and accumulated depreciation of $37,525 was sold for $22,424 cash. 3). Land having an original cost of $24,705 was sold for $24,124 cash. 491,163 122,238 368,925 4). Bonds payable of $44,000 matured and were paid off at face value for cash. 5). A cash dividend of $37,916 was declared and paid during the year. 6). Common stock was issued in exchange for land with a fair value of $9,000. 7). New equipment costing $35,617 was purchased for cash. 8). Issued common stock for $190,000 cash. 9). Long-term investments were purchased for $35,010 cash. Based on the financial statements and additional information shown above, what should Gulf Oil reflect in its financial statements for the year ended 12/31/2012 as "Cashflow from Financing Activities"? $108,084 $117,084 $132,208 $73,074