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Question 1: During the year, we made a payment of long-term notes payable of $20,000 and borrowed $45,000 on a long-term note payable. Which of the following is correct for our statement of cash flows?
Group of answer choices
Option 1: Net cash used for financing activities is ($25,000).
Option 2: Net cash provided by investing activities is $25,000.
Option 3: Net cash provided by financing activities is $25,000.
Option 4: Net cash used for financing activities is ($45,000).
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