In preparing Marjorie Company's statement of cash flows for the most recent year, the following information is available:

Purchase of equipment $260,000

Proceeds from the sale of equipment $87,000

Purchase of land $91,000

Net cash flows from investing activities for the year were:

A.$438,000 of net cash used.

B.$438,000 of net cash provided.

C.$264,000 of net cash used.

D.$351,000 of net cash used.

E.$264,000 of net cash provided.