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 (Points : 2) $265,000 $296,000 $356,000 $456,000 $347,000