Refer to the 2019 Statement of Cash Flows for Panda Modem, Inc. which is presented below. During the 2019 year, which of the following must be true? Panda ModemTechnologies, Inc. Statement of Cash Flows For Year Ended 12/31/19 (Mil. U.S. dollars) 1. Cash Flow From Operating Activities -10 50 30 Net Income Additions: Depreciation Decrease in Inventory Subtractions: Increase in Receivables Decrease in Accounts Payable Net Cash Flow from Operations -10 -20 40 II. Cash Flow From Investing Activities Change in Gross Fixed Assets Other Long-term Investments Net Cash Flow from Investing Activities -85 -5 -90 5 20 12 -10 III. Cash Flow From Financing Activities Increase in Short-term Debt Increase in Long-term Debt Increase in Common Stock Payment of Common Stock Dividends Net Cash Flow from Financing Activities NET CHANGE in Cash & Equivalents Cash & Equivalents at Start of Year Cash & Equivalents at End of Year 27 -23 30 7 Select one: a. Panda Modem sold off Fixed Assets. O b. Panda Modem's operations were not profitable. -10 50 30 Net Income Additions: Depreciation Decrease in Inventory Subtractions Increase in Receivables Decrease in Accounts Payable Net Cash Flow from Operations -10 -20 40 II. Cash Flow From Investing Activities Change in Gross Fixed Assets Other Long-term Investments Net Cash Flow from Investing Activities -85 -5 -90 III. Cash Flow From Financing Activities Increase in Short-term Debt Increase in Long-term Debt Increase in Common Stock Payment of Common Stock Dividends Net Cash Flow from Financing Activities 5 20 12 -10 27 NET CHANGE in Cash & Equivalents Cash & Equivalents at Start of Year Cash & Equivalents at End of Year les -23 30 Select one: a. Panda Modem sold off Fixed Assets. o b. Panda Modem's operations were not profitable. c. Panda Modem decreased its dividend payment relative to the previous year. d. Panda Modem increased is investment in inventory. e. All of the above. Clear my choice