Exercise 14-12A (Algo) Determining cash flows from financing activities LO 14-4 On January 1, Year 1, Thornton Company had a balance of $116,500 in its Common Stock account. During Year 1, Thornton paid $14,600 to purchase treasury stock. Treasury stock is accounted for using the cost method. The balance in the Common Stock account on December 31 , Year 1, was $140,500. Assume that the common stock is no par stock. Required a. Determine the cash inflow from the issue of common stock. b. Prepare the financing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Determine the cash inflow from the issue of common stock. Exercise 14-12A (Algo) Determining cash flows from financing activities LO 14-4 On January 1, Year 1, Thornton Company had a balance of $116,500 in its Common Stock account. During Year 1, Thornton paid $14,600 to purchase treasury stock. Treasury stock is accounted for using the cost method. The balance in the Common Stock account on December 31 , Year 1, was $140,500. Assume that the common stock is no par stock. Required a. Determine the cash inflow from the issue of common stock. b. Prepare the financing activities section of the Year 1 statement of cash flows. Complete this question by entering your answers in the tabs below. Prepare the financing activities section of the Year 1 statement of cash flows. Note: Cash outhow should be indicated with a minus sign