CMA Inc. has a net cash flow from financing activities for the last year of $10 million. The company paid $5 million in dividends last year. During the year, the change in notes payable on the balance sheet was an increase of $2 million, and the change in common and preferred stock was an increase of \$3 million. The end-of-year balance for long-term debt was \$45 million. What was their beginning-of-year balance for long-term debt? Note: There is an increase in long-term debt. $25 million $20 million $35 million $15 million