Question: Comparative consolidated balance sheet data for Iverson Inc and its

Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent–owned subsidiary Oakley Co. follow:

Additional Information for Fiscal Year 2011
• Iverson and Oakley’s consolidated net income was $45,000.
• Oakley paid $5,000 in dividends during the year. Iverson paid $12,000 in dividends.
• Oakley sold $11,000 worth of merchandise to Iverson during the year.
• There were no purchases or sales of long-term assets during the year.
In the 2011 consolidated statement of cash flows for Iverson Company:

Net cash flows from operating activities were
a. $12,000.
b. $20,000.
c. $24,000.
d. $25,000.

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