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QUESTION 8 Which of the following is considered a financing activity when preparing the statement of cash flows? OA) cash payment for the purchase of equipment B) cash payment for extending credit to others C) cash receipt from the sale of common stock OD) payment of interest on a bond issue Presented below are the comparative December 31 financial statements for Dubai Industries, Inc. (in Millions). Prepare a statement of cash flows for December 31, Year 2 using the indirect method. Dubai Industries, Inc Balance Sheets At December 31, Year 2 and Year 1 Cash Accounts Receivable Inventory Prepaid Insurance Land, Buildings, and Equipment Accumulated Depreciation Investments Total Assets Year 2 596,719 100,000 206,250 1.875 1.562,500 (762,500) Year 1 $28,694 85,313 181,250 2.500 1,406,250 (715,000) 19.375 106,250 $1.224.219 $1.095,256 Accounts Payable Salaries Payable Notes Payable $95,425 25.000 31.250 $185,838 30,625 93,750 Bonds Payable 250.000 Common Stock 375.000 375,000 Retained Earnings 447,544 410,044 $1.224.219 $1.095,256 Additional information for Year 2 (1) Sold available for sale securities costing $86,875 for $92,500. (2) Equipment costing $25.000 with a book value of $6,250 was sold for $7.500 (3) Issued 8% bonds at face value for $250,000 (4) Purchased new equipment for $181,250 and paid cash. (5) Paid cash dividends of $25,000. (6) Net income was $62,500. What is the net cash provided or used by investing activities? 81250 (81250) 25750 (27750) Presented below are the comparative December 31 financial statements for Dubai Industries, Inc. (in Millions). Prepare a statement of cash flows for December 31, Year 2 using the indirect method. Dubai Industries, Inc Balance Sheets At December 31, Year 2 and Year 1 Year 2 Year 1 Cash $96,719 $28,694 Accounts Receivable 100.000 85,313 Inventory 206,250 181.250 Prepaid Insurance 1,875 2.500 Land, Buildings, and Equipment 1.562,500 1,406,250 Accumulated Depreciation (762 500) (715,000) Investments 19.375 106.250 Total Assets $1.224.219 $1.095.256 Accounts Payable $95,425 $185,838 Salaries Payable 25.000 30.625 Notes Payable 31.250 93,750 Bonds Payable 250,000 Common Stock 375.000 375,000 Retained Earnings 447,544 410,044 $1.224.219 $1.095.256 Additional information for Year 2 (1) Sold available for sale securities costing $86,875 for $93,500 (2) Equipment costing $25.000 with a book value of $6,250 was sold for $7,500 (3) Issued 8% bonds at fale value for $250,000 (4) Purchased new equipment for $181,250 and paid cash. (5) Paid cash dividends of $25,000 (6) Net income was $62,500. What is the gain on sale of investments ? 92500 86875 5625 6625