Mohroman Inc. reported net income of $80,000 for 20Y2. The liability and equity accounts from the company’s comparative balance sheet are as follows:

During the year, the company retired bonds payable at their face amount, declared dividends of $20,000, and issued 2,000 shares of common stock for $60 per share. Prepare the “Cash flows from financing activities” section of the statement of cash flows.

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Accounts payable Dividends payable Bonds payable Common stock, $10 par value Paid-in capital in excess of par-common stock Retained earnings 12/31/20Y2 $ 42,680 10,000 210,000 120,000 300,000 240,000 12/31/20Y1 $ 41,500 8,000 300,000 100,000 200,000 180,000 Increase (Decrease) $ 1,180 2,000 (90,000) 20,000 100,000 60,000