New World Computing sold common stock for $600,000 and preferred stock for $40,000 during the current year. In addition, the company purchased treasury stock for $70,000 and paid dividends on common and preferred stock for $20,000. What is the amount of cash provided by or used for financing activities during the year? A. $450,000. B. $500,000. C. $550,000. D. $650,000.