Sheffield Corp. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Sheffield Corp. for 2019 and 2018 are provided below. BALANCE SHEETS 12/31/19 12/31/18 Cash $410000 $ 191000 Accounts receivable 359000 216000 Inventory 383000 478000 Property, plant and equipment $610000 $958000 Less accumulated depreciation (321000 ) 289000 (302000 ) 656000 $1441000 $1541000 . Accounts payable $ 176000 $ 98000 Income taxes payable 354000 392000 Bonds payable 361000 600000 Common stock 216000 216000 Retained earnings 334000 235000 $1441000 $1541000 INCOME STATEMENT For the Year Ended December 31, 2019 Sales revenue $8410000 Cost of sales 7153000 Gross profit 1257000 Selling expenses $602000 Administrative expenses 194000 796000 Income from operations 461000 Interest expense 70000 Income before taxes 391000 Income taxes 97000 Net income $ 294000 The following additional data were provided: 1. Dividends for the year 2019 were $192000. 2. During the year, equipment was sold for $239000. This equipment cost $351000 originally and had a book value of $289000 at the time of sale. The loss on sale was incorrectly charged to cost of sales. 3. All depreciation expense is in the selling expense category. The net cash provided (used) by investing activities is

a. $239000

b. $(289000)

c. $(351000)

d. $50000.