Problem:
Gasco Corporation's balance sheet and income statement appear below: Cash dividends were $54. The company sold equipment for $14 that was originally purchased for $8 and that had accumulated depreciation of $1. It did not issue any bonds payable or repurchase any of its own common stock. The net cash provided by (used in) financing activities for the year was:
A) $(54)
B) $2
C) $(72)
D) $(20)
Note: Explain in detail.