Lansing Inc. has decided to expand. During the last year the company borrowed $5 million for a term of 30 years to finance a new factory, and sold 60,000 shares of stock at $51 per share to pay for new equipment. Lansing also made a payment of $500,000 on an old long-term loan, of which $175,000 was interest. (Hint: ignore the interest paid!) Finally, the firm paid dividends of $2.50 per share on 700,000 shares of outstanding common stock. Calculate the net figure for the Cash from Financing Activities for Lansing's statement of cash flows.
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