Determining Cash Flows from Financing Activities Solomon Construction Company reported the following amount on its balance sheet for notes payable: 1. If Solomon did not repay any notes payable during the year, determine how much cash Solomon received from the issuance of notes payable. 2. If Solomon repaid $54,000 of notes payable during the year, determine what amounts Solomon would report in the financing activities section of the statement of cash flows. Payment of notes payable $x Issuance of notes payable $x Determining Cash Flows from Financing Activities Nichols Inc. reported the following amounts on its balance sheet for equity: Assume that, for the current year, Nichols did not retire any stock, it reported $86,300 of net income for 2019, and any dividends declared were paid in cash. Determine the armounts Nichols would report in the financing section of the statement of cash flows