Determining Cash Flows from Financing Activities}

Solomon Construction Company reported the following amounts on its statement of financial position at the end of 2018 and 2017 for notes payable:

\section*{Required:}
1. If Solomon did not repay any notes payable during 2018, determine how much cash Solomon received from the issuance of notes payable.
2. If Solomon repaid \(\$ 60,000\) of notes payable during 2018 , determine what amounts Solomon would report in the financing activities section of the statement of cash flows.
\section*{Exercise

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Notes Payable 12/31/2018 12/31/2017 $180,00 $115,000