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During 20X1, Teb, Inc. had the following activities related to its financial operations: Payment for the early retirement of long-term bonds payable (carrying value $740,000)$750,000 Distribution in 20X1 of cash dividends declared in 20X0 to preferred shareholders 62,000 Carrying value of convertible preferred stock in Teb, converted into common shares 120,000 Proceeds from the sale of treasury stock (carrying value at cost, $86,000 ) 95,000 In Teb's 20X1 Statement of Cash Flows, net cash used in financing activities should be $717,000. $716,000. $597,000. $535,000