28. Financing Activities Section. The following information is from the noncurrent liabilities and owners' equity portions of Wolf Point, Inc.'s balance sheet. December 31 2017 2016 Long-term notes payable Bonds payable Common stock Retained earnings $350,000 54,000 350,000 880,000 260,000 87,000 410,000 720,000 The following activities occurred during 2017 Paid principal amount of $20,000 for long-term notes payable - Received $110,00o for long-term notes payable - Paid principal amount on bonds totaling $33,000 Repurchased common stock for $60,00oo cash - Earned net income totaling S200,000 - Paid cash dividends totaling S40,000 Required a. Prepare the financing activities section of the statement of cash flows for Wolf Point, Inc., for the year ended December 31, 2017. Use the format presented in Figure 12.7. b. How much cash was provided by (used by) financing activities? Briefly describe what this amount tells us about the company