Spirit Company,a Merchandiser,recently Completed Its 2010 Calendar Year $\$ 5,875$

Spirit Company,a merchandiser,recently completed its 2010 calendar year.For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory,and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses.The company's balance sheet and income statement follow:


Additional Information on Year 2010 Transactions
a. The loss on the cash sale of equipment was $\$ 5,875$ (details in $b$ ) .
b. Sold equipment costing $\$ 46,500$ , for a loss of $\$ 5,875$ .
c. Purchased equipment costing $\$ 99,000$ by paying $\$ 35,000$ cash and signing a long-term note payable for the balance.
d. Borrowed $\$ 2,000$ cash by signing a short-term note payable.
e. Paid $\$ 47,500$ cash to reduce the long-term notes payable.
f. Issued 2,400 shares of common stock for $\$ 20$ cash per share.
g. Net income and dividends were the only items that affected retained earnings.

What is the net cash flows provided (used) by financing activities?

A) ($118,100)
B) $118,100
C) $54,100
D) ($54,100)
E) $2,500