Question

Given the following information, determine the amount of cash flows from investing and financing activities.


Net income $50,000
Loss on sale of plant assets 15,000
Cash received from sale of plant assets 26,000
Cash received from issuing stock 70,000
Increase in income taxes payable 120,000

A.


Cash provided by investing activities, $11,000
Cash provided by financing activities, $70,000

B.


Cash used by investing activities, $11,000
Cash used by financing activities, $70,000

C.


Cash provided by investing activities, $26,000
Cash provided by financing activities, $55,000

D.


Cash used by investing activities, $26,000
Cash used by financing activities, $55,000

E.


Cash provided by investing activities, $26,000
Cash provided by financing activities, $70,000

Answer

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