The following transactions occurred last year at Dempsey Inc.

Issuance of common stock

$ 50,000

Dividends paid to common stockholders

3,000

Depreciation expense

6,000

Repayment of principal on the company's own bonds

40,000

Sale of equipment

17,000

Purchase of land

120,000

Based solely on the above information, the net cash flows from financing activities for the year on the statement of cash flows would be

Select one:

a. $(6,000).

b. $(103,000).

c. $7,000.

d. $249,000.