I'm not sure, Monti, 'cause when I look at MY axle, there's a great honking big gear set in the middle of it... If I get a chance today, I'll go out and take a pic for you... In the meantime, here's the Peerless transaxle manual for you to take a look at to see what you think... Its got really good tearapart instructions, and drawings. The Peerless in your 112 is a 2300.
(you probably already have this manual, but I thought, just in case...)