Flow Company has provided the following information for the year ended December 31, 2016:

• Cash paid for interest, $19,500
• Cash paid for dividends, $7,100
• Cash dividends received, $5,100
• Cash proceeds from bank loan, $28,000
• Cash purchase of treasury stock, $10,500
• Cash paid for equipment purchase, $26,500
• Cash received from issuance of common stock, $36,500
• Cash received from sale of land with a $31,500 book value, $24,600
• Acquisition of land costing $50,500 in exchange for preferred stock issuance.
• Payment of a $155,000 note payable by exchanging used machinery with a $76,500 book value and $155,000 fair value.

How much was Flow's net cash flow from financing activities?

A net inflow of $28,000.

A net outflow of $52,400.

A net inflow of $46,900.

A net outflow of $48,800.