Lopez Corp. uses the indirect method to prepare its statement of cash flows. Refer to the following information for 2017:

1. Long-Term Notes Payable, beginning balance, $85,000

2. Long-Term Notes Payable, ending balance, $71,000

3. Common Stock, beginning balance, $3,100

4. Common Stock, ending balance, $27,000

5. Retained Earnings, beginning balance, $76,000

6. Retained Earnings, ending balance, $120,000

7. Treasury Stock, beginning balance, $5,200

8. Treasury Stock, ending balance, $10,100

9. No stock was retired.

10. No treasury stock was sold.

11. During 2016, the company repaid $37,000 of long-term notes payable.

12. During 2016, the company borrowed $51,000 on a new note payable.

13. Net income for the year was $54,000.

14. Assume all dividends declared during the year were paid.

What is the net cash flow from financing activities?

A.

$23,000

B.

$9,000

C.

($14,000)

D.

$19,000