Solomon Construction Company reported the following amount on its balance sheet at the end of 2011 and 2010 for notes payable:

Required:
1. If Solomon did not repay any notes payable during 2011, determine how much cash Solomon received from the issuance of notes payable.
2. If Solomon repaid $60,000 of notes payable during 2011, determine what amounts Solomon would report in the financing activities section of the statement of cash flows.

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12/31/2011 $180,000 12/31/2010 $115,000 Noles payable