15. Smiley Corp.'s transactions for the year ended December 31, 2021 included the following:

• Purchased real estate for $1,250,000 cash which was borrowed from a bank.
• Sold available-for-sale securities for $1,000,000.
• Paid dividends of $1,200,000.
• Issued 500 shares of common stock for $500,000.
• Purchased machinery and equipment for $250,000 cash.
• Paid $900,000 toward a bank loan.
• Reduced accounts receivable by $200,000.
• Increased accounts payable $400,000.

Smiley's net cash used in investing activities for 2021 was

a. $1,500,000.

b. $750,000.

c. $500,000.

d. $250,000.