(Answered) Question - the following information on selected cash

Accounting

Question - The following information on selected cash transactions for 1999 has been provided by Painter Company:

Proceeds from sale of land $800,000

Proceeds from long-term borrowings 2,000,000

Purchases of plant assets 720,000

Purchases of inventories 3,400,000

Proceeds from sale of Painter common stock 1,200,000

What is the cash provided (used) by investing activities for the year ended December 31, 1999, as a result of the above information?

a. $80,000

b. $1,280,000

c. $800,000

d. $4,000,000

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