Question - A business has the following financial information for the year:
1. Issued 10,000 shares of common stock for $20.00 per share
2. Issued long term debt of $500,000
3. Paid dividends of $85,000
4. Sold a piece of equipment of $50,000. The equipment had a book value of $20,000
5. Earned net income of $140,000
Based on the financial information presented above, determine net cash flow from financing activities for the year.