1. Napier Co. provided the following information on selected transactions during 2018:

Purchase of land by issuing bonds $1,000,000

Proceeds from issuing bonds 3,000,000

Purchases of inventory 3,800,000

Purchases of treasury stock 600,000

Loans made to affiliated corporations 1,400,000

Dividends paid to preferred stockholders 400,000

Proceeds from issuing preferred stock 1,600,000

Proceeds from sale of equipment 300,000

The net cash provided (used) by investing activities during 2018 is

a. $300,000.

b. $(1,100,000).

c. $(2,100,000).

d. $(4,500,000).

e. none of the above.