Hanford Co. reported bonds payable of $47,000 on December 31, Year 1, and $50,000 on December 31, Year 2. During Year 2, Handford issued $20,000 of bonds payable in exchange for equipment. There was no amortization of bond premium or discount during the year. What amount should Hanford report in its Year 2 statement of cash flows for redemption of bonds payable

A. $3,000

B. $17,000

C. $20,000

D. $23,000