Watley Surf Shop provided the following information for the current year:

Category Cost

Proceeds from sale of equipment $120,000

Dividends paid to stockholders 16,000

Purchase of inventories on account 92,000

Borrowing a long-term loan 60,000

Loan principal payments made 14,000

Interest paid on loan payments 1,000

Purchase of land for cash 65,000

Payment for inventory previously acquired on account 85,000

Cash collected from customers 450,000

How much is the net cash provided/(used) by financing activities during the year?

a.$29,000

b.($56,000)

c.($90,000)

d.$30,000