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Use the Following Information for Questions 24-25

question 58

Multiple Choice

Use the following information for questions 24-25.
Malcolm Corp.'s statements of financial position at December 31, 2020 and 2019 and information relating to 2020 activities are presented below: Use the following information for questions 24-25. Malcolm Corp.'s statements of financial position at December 31, 2020 and 2019 and information relating to 2020 activities are presented below:   Other information relating to 2020 activities: 1. Net income was $ 375,000. 2. Cash dividends of $ 150,000 were declared and paid. 3. Equipment costing $ 250,000, with a book value of $ 80,000, was sold for $ 90,000. 4. A long-term investment was sold for $ 80,000. There were no other transactions affecting long-term investments. 5. 5,000 common shares were issued for $ 25 a share. 6. Temporary investments consist of treasury bills maturing on June 30, 2021. -The cash provided by financing activities in 2020 was A)  $ 420,000. B)  $ 270,000. C)  $ 130,000. D)  $ 120,000. Other information relating to 2020 activities:
1. Net income was $ 375,000.
2. Cash dividends of $ 150,000 were declared and paid.
3. Equipment costing $ 250,000, with a book value of $ 80,000, was sold for $ 90,000.
4. A long-term investment was sold for $ 80,000. There were no other transactions affecting long-term investments.
5. 5,000 common shares were issued for $ 25 a share.
6. Temporary investments consist of treasury bills maturing on June 30, 2021.
-The cash provided by financing activities in 2020 was


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