Required information [The following information applies to the questions displayed below.] Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance $ 121,800 95,900 Beginning Balance Cash Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Total assets Accounts payable Income taxes payable Bonds payable $ 146,550 103,400 128,800 117,500 346,500 367,450 339,000 329,000 113,000 226,000 $ 572,500 $ 75,200 82,250 246,750 $ 614,200 $ 133,500 58,300 141,000 80,200 117,500 Common stock 164,500 141,000 Retained earnings 133,500 142,000 Total liabilities and stockholders' equity $ 572,500 $ 614,200 During the year, Ravenna paid a $14,100 cash dividend and it sold a piece of equipment for $7,050 that had originally cost $16,800 and had accumulated depreciation of $11,200. The company did not retire any bonds or repurchase any of its own common stock during the year. 12. What is the amount of gross cash outflows reported in the investing section of the company's statement of cash flows? Gross cash outflows