Walmouth Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet
Ending Balance Beginning Balance
Cash $40,000 $32,000
Accounts receivable 89,000 79,000
Inventory 48,000 55,000
Prepaid expenses 8,000 11,000
Long-term investments 250,000 210,000
Property, plant and equipment 550,000 550,000
Less accumulated depreciation 264,000 239,000
Total assets $721,000 $698,000
Accounts payable $58,000 $46,000
Accrued liabilities 15,000 19,000
Income taxes payable 55,000 41,000
Bonds payable 100,000 160,000
Common stock 150,000 140,000
Retained earnings 343,000 292,000
Total liabilities and stockholders' equity $721,000 $698,000
Income Statement
Sales $870,000
Cost of goods sold 450,000
Gross margin 420,000
Selling and administrative expense 270,000
Net operating income 150,000
Income taxes 45,000
Net income $105,000
The company declared and paid a cash dividend of $54,000 during the year. It did not purchase or dispose of any property, plant, and equipment. It did not issue any bonds or repurchase any of its own common stock. The following questions pertain to the company's statement of cash flows.
The net cash provided by (used in) financing activities last year was: