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: Cash Accounts receivable Inventory Ending Beginning Balance Balance $ 80,800 $ 96,800 65,400 70,400 87,800 80,000 Total current assets 234,000 247,200 Property, plant, and equipment 234,000 224,000 Less accumulated 78,000 56,000 depreciation Net property, plant, and equipment 156,000 168,000 Total assets $32,000 $ 415,200 Accounts payable Income tavec navable $ 51,200 $ 91,000 29 Ann 51 200 depreciation Net property, plant, and equipment 156,000 168,000 Total assets $390,000 $ 415,200 Accounts payable Income taxes payable Bonds payable Common stock Retained earnings $ 51,200 $ 91,000 39,800 51,200 96,000 80,000 112,000 96,000 91,000 97.000 Total liabilities and stockholders' equity $390,000 $ 415,200 During the year, Ravenna paid a $9.500 cash dividend and it sold a piece of equipment for $4,800 that had originally cost $1,800 and had accumulated depreciation of $7,200. The company did not retire any bonds or repurchase any of its own common stock during the year During the year, Ravenna paid a $9,600 cash dividend and it sold a piece of equipment for $4,800 that had originally cost $10,800 and had accumulated depreciation of $7,200. 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 20800