During 2008, Xan, Inc. had the following activities related to its financial operations:

Required:

In Xan’s 2008 statement of cash flows, how much should net cash used in financing activities be?

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Payment for the early retirement of long-term bonds payable (carrying value $370,000) Distribution in 2008 of cash dividend declared in 2007 to preferred shareholders Carrying value of convertible preferred stock in Xan converted into common shares Proceeds from sale of treasury stock (carrying value at cost, $43,000) $375,000 $ 31,000 $ 60,000 $ 50,000