Looking forward to next year, if Baldwins current cash balance is $20,201 (000) and cash flows from operations next period are unchanged from this period and Baldwin takes ONLY the following actions relating to cash flows from investing and financing activities: Issues 100 (000) shares of stock at the current stock price Issues $200 (000) of long-term debt Pays $40 (000) in dividends Which of the following activities will expose Baldwin to the most risk of needing an emergency loan?

a. Retires $20,000 (000) in long-term debt

b. Liquidates the entire inventory

c. Sells $5,000 (000) of their Long-term assets

d. Purchases assets at a cost of $15,000 (000)