Use the Following Information for Questions

Use the following information for questions.
The balance sheet data of Kohler Company at the end of 2011 and 2010 follow:
Land was acquired for $100,000 in exchange for ordinary shares, par $100,000, during the year; all equipment purchased was for cash.Equipment costing $10,000 was sold for $4,000; book value of the equipment was $8,000 and the loss was reported in net income.Cash dividends of $20,000 were charged to retained earnings and paid during the year; the transfer of net income to retained earnings was the only other entry in the Retained Earnings account.In the statement of cash flows for the year ended December 31, 2011, for Naley Company:

-The net cash provided (used) by financing activities was

A) $ -0-.
B) $(20,000) .
C) $(40,000) .
D) $60,000.