Justine Bieber Company provided the following information for the current year:

• Purchased a building for 1,200,000. Paid 400,000 and signed a mortgage with the seller for the remaining 800,000.
• Executed a debt-equity swap and replaced a 600,000 loan by giving the lender ordinary shares worth 600,000 on the date the swap was executed.
• Purchased land for 1,000,000. Paid 350,000 and issued ordinary shares worth 650,000.
• Borrowed 550,000 under a long-term loan agreement.
• Used the cash from the loan proceeds for purchase of additional inventory 150,000, payment of cash dividend 300,000 and increase the cash balance 100,000.

What amount should be reported as net cash used in investing activities in the statement of cash flows?

Group of answer choices

c. P 400,000

b. P 2,200,000

a. P 1,200,000

d. P 750,000