During Year 2, Xan, Inc. had the following activities related to its financial operations:
Payment for the early retirement of long-term bonds payable (carrying amount $370,000) $375,000
Distribution in Year 2 of cash dividend declared in Year 1 to preferred shareholders $32,000
Carrying amount of convertible preferred stock in Xan, converted into common shares $60,000
Proceeds from sale of treasury stock (carrying amount at cost, $43,000) $60,000
In Xan's Year 2 statement of cash flows, net cash used in financing activities should be:
a) $265,000
b) $296,000
c) $356,000
d) $456,000
e) $347,000