The Following Information Was Taken from the 2011 Financial Statements $\bullet$

The following information was taken from the 2011 financial statements of Dunlop Corporation:

During 2011
$\bullet$ A $450,000 payment was made to retire bonds payable with a face amount of $500,000.
$\bullet$ Bonds payable with a face amount of $200,000 were issued in exchange for equipment.
In its statement of cash flows for the year ended December 31, 2011, what amount should Dunlop report as proceeds from issuance of bonds payable?

A) $1,500,000
B) $1,750,000
C) $1,800,000
D) $2,200,000