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Napier Co. provided the following information on selected transactions during 2018: Purchase of land by issuing...

  1. Napier Co. provided the following information on selected transactions during 2018:

Purchase of land by issuing bonds                                              $1,000,000

Proceeds from issuing bonds                                                        3,000,000

Purchases of inventory                                                                  3,800,000

Purchases of treasury stock                                                             600,000

Loans made to affiliated corporations                                            1,400,000

Dividends paid to preferred stockholders                                         400,000

Proceeds from issuing preferred stock                                          1,600,000

Proceeds from sale of equipment                                                     300,000

            The net cash provided (used) by investing activities during 2018 is

a.   $300,000.

b.   $(1,100,000).

c.   $(2,100,000).

d.   $(4,500,000).

e.   none of the above.

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