Salsedo Corporation's balance sheet and income statement appear below: Comparative Balance Sheet
Ending Balance Beginning Balance
Assets:
Cash and cash equivalents $31 $33
Accounts receivable 24 30
Inventory 53 47
Property, plant and equipment 461 390
Less accumulated depreciation 306 256
Total assets $263 $244
Liabilities and stockhol ders’ equity:
Accounts payable $42 $49
Accrued liabilities 16 17
Income taxes payable 39 40
Bonds payable 75 90
Common stock 53 50
Retained earnings 38 (2)
Total liabilities and stockholders’ equity $263 $244
Income Statement
Sales $634
Cost of goods sold 400
Gross margin 234
Selling and administrative expense 174
Net operating income 60
Gain on sale of equipment 10
Income before taxes 70
Income taxes 21
Net income $49
Cash dividends were $9. The company sold equipment for $15 that was originally purchased for $10 and that had accumulated depreciation of $5. It did not issue any bonds payable or repurchase any of its own common stock.
The net cash provided by (used in) investing activities for the year was:.
a. ($66)
b. ($81)
c. $15
d. $66