During the year, an entity had the following activities:
Payment for the early payment of long-term bonds payable of P5,000,000
4,000,000
Payment of cash dividend declared in prior year
2,000,000
Preference share capital converted into ordinary share capital
1,000,000
Proceeds from sale of treasury shares (cost of treasury shares P1,000,000)
1,500,000
What amount should be reported asnet cash used in financing activities?
a. 4,500,000
b. 3,500,000
c. 2,500,000
d. 5,500,000
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