Smiley Corp.'s transactions for the year ended December 31, 2021 included the following:

• Purchased real estate for $1,250,000 cash.
• Sold available-for-sale securities for $1,000,000.
• Paid dividends of $1,200,000.
• Issued 500 shares of common stock for $500,000.
• Purchased machinery and equipment for $250,000 cash.
• Paid $900,000 toward a bank loan.
• Reduced accounts receivable by $200,000.
• Increased accounts payable $400,000.

Smiley's net cash used in investing activities for 2021 was

$500,000

$1,500,000

$250,000

$750,000