Please answer in SHORT ANSWER format with FASB CODIFICATION AS REFERENCE

D Question 3 20 pts Buck's Dilemma: Gross or Net? Required: For each of the following scenarios, on the basis of the specific facts and circumstances, determine whether Buck should present its borrowing and payment activity under the Facility on a net or gross basis within the financing activities section of its statement of cash flows. Scenario 2: . The line of credit has a maximum borrowing capacity of $100 million, and under the terms of the agreement, specific maturity terms will be negotiated by Buck and the bank after each draw on the Facility. .On June 15, 2010, Buck drew $60 million, and signed a note to repay the full amount borrowed by December 15, 2010. .On September 30, 2010, Buck drew an additional $40 million, and signed a note to repay the full amount borrowed by December 1, 2010. .On December 1, 2010, Buck paid $40 million to the bank related to the second draw. .On December 15, 2010, Buck paid $60 million to the bank related to the first draw. Assume the turnover of the transactions is considered to be quick. HTML Editor BIUAAI= = II - D X x GO KD 1 1 12pt Paragraph