Given the Following Information, Determine the Amount of Cash Flows

Given the following information, determine the amount of cash flows from investing and financing activities. $$\begin{array} { | l | r | } \hline \text { Net income } & \$ 50,000 \\\hline \text { Loss on sale of plant assets } & 15,000 \\\hline \text { Cash received from sale of plarit assets } & 26,000 \\\hline \text { Cash received from issuine stock } & 70,000 \\\hline \text { Increase in income taxes payable } & 120,000\\\hline\end{array}$$

A)
$\begin{array}{|l|}\hline\text{Cash provided by investing activities,}~ \$ 11,000\\\hline\text{Cash provided by finanicing activities,}~\$ 70,000\\\hline\end{array}$

B)
$\begin{array}{|l|}\hline\text{Cash used by investing activities,}~ \$ 11,000\\\hline\text{Cash used by finanicing activities,}~\$ 70,000\\\hline\end{array}$

C)
$\begin{array}{|l|}\hline\text{Cash used by investing activities,}~ \$ 26,000\\\hline\text{Cash used by finanicing activities,}~\$ 55,000\\\hline\end{array}$ .

D)
$\begin{array}{|l|}\hline\text{Cash used by investing activities,}~ \$ 26,000\\\hline\text{Cash used by finanicing activities,}~\$ 55,000\\\hline\end{array}$

E)
$\begin{array}{|l|}\hline\text{Cash provided by investing activities,}~ \$ 26,000\\\hline\text{Cash provided by finanicing activities,}~\$ 70,000\\\hline\end{array}$