Retail Company refinanced its long-term debt in 2012. It bought and retired common shares of stock for cash of $20,000. The company spent $72, 500 to retire long-term debt due in 3 years and issued $185,000 of 10-year bonds at par. Interest expense for 2012 was $21,000, of which $17,000 was paid in cash; the other $4,000 was still payable at the end of the year. Dividends declared and paid during the year were $12, 500. Determine net cash flows from financing activities