Reference no: EM132495129

The following information is available for Elm Tree Corporation for the year ended December 31, 2015:

Collection of principal on long-term loan to a supplier                     $25,000

Purchase of equipment for cash                                                12,000

Proceeds from the sale of long-term investment at carrying amount  28,000

Issue of common shares for cash                                                23,500

Payment of cash dividends                                                         47,250

Purchase of land by issuing common shares                                   35,000

In addition, the following information is available from the comparative statements of financial position for Elm Tree Corporation at the end of 2015 and 2014:

                                                      Dec 31,2015                 Dec 31, 2014

Cash                                        $ 95,900                    $16,000

Accounts receivable                          24,500                  21,250

Prepaid insurance                               13,500                     9,000

Total current assets                            $133,900                 $46,250

Accounts payable                             $36,250                      $33,500

Salaries payable                                 5,100                          8,200

Total current liabilities                           $41,350                    $41,700

Question 1: Determine the net cash used by financing activities for the year ended December 31, 2015

Option 1: (33,700)

Option 2: (32,130)

Option 3: (31,750)

Option 4: (26,830)

Option 5: None of the above