Beal Inc. had the following information available at the end of Year 3:

Accounts payable decrease	($5,000)
Dividends payable increase	160,000
Notes payable increase	110,000
Common stock, ($10 par) increase	100,000
Additional paid-in capital increase	120,000

Beal declared cash dividends of $500,000 in Year 3. The common stock was issued for $22 per share. Equipment costing $110,000 was acquired through issuance of a long-term note payable.

In Beal's Year 3 statement of cash flows, net cash used by financing activities was

A.

$60,000

B.

$120,000

C.

$230,000

D.

$280,000