During the year, Penso Ltd received $50,000 from its customers, $5 000 for the sale of a motor vehicle and $20,000 for the issue of shares. It paid $27,000 to suppliers and employees, $3,000 for income tax and $50,000 for new machinery. In addition, it paid out $12,000 as loan repayments. Its cash balance at the commencement of the year was $19,000. What were the cash flows from financing activities?

a. $8 000

b. $20,000

c. ($12,000)

d. ($28,000)