Assignment:
The 2010 balance sheet of Maria's Tennis Shop, Inc., showed long-term debt of $2.9 million, and the 2011 balance sheet showed long-term debt of $3.2 million. The 2011 income statement showed an interest expense of $100,000.
What was the firm's cash flow to creditors during 2011? (Negative amount should be indicated by a minus sign. Enter your answer in dollars, not millions of dollars, i.e. 1,234,567.)
Provide complete and step by step solution for the question and show calculations and use formulas.