Question

During 2021, Sheffield Corp. had the following activities related to its financial operations: Carrying value of convertible preferred stock in Sheffield, converted into common shares of Sheffield $ 543000 Payment in 2021 of cash dividend declared in 2020 to preferred shareholders 281000 Payment for the early retirement of long-term bonds payable (carrying amount $3932000) 3977000 Proceeds from the sale of treasury stock (on books at cost of $394000) 457000 The amount of net cash used in financing activities to appear in Sheffield's statement of cash flows for 2021 should be $2977000. $3801000. $3819000. $3258000.

Answer 1

Answer: $3801000

Step-by-step explanation:

The amount of net cash used in financing activities to appear in Sheffield's statement of cash flows for 2021 would be calculated as:

= 281000 + 3977000 - 457000

= 3801000

Therefore, the answer is $3801000.