Chapter 6, Problem 6.2MC

During Year 1, Brianna Company had the following transactions related to its financial operations:

Payment for the retirement of long-term bonds payable (carrying value $740,000)	750,000
Distribution in Year 1 of cash dividend declared in Year 0 to preferred shareholders	62,000
Carrying value of convertible preferred stock of Brianna convened into common shares	120,000
Proceeds from sale of treasury stock (carrying value at cost $86,000)	95,000

On its Year 1 statement of cash flows, net cash used in financing activities should be:

1. a. $717,000
2. b. $716,000
3. c. $597,000
4. d. $535,000