Use the Following Information for Questions 115 and 116 $\bullet$ Acquired 50% of Gant Corp

question 5

Multiple Choice

Use the following information for questions 115 and 116.
Peavy Corp.'s transactions for the year ended December 31, 2015 included the following:
$\bullet$ Acquired 50% of Gant Corp.'s common stock for $200,000 cash which was borrowed from a bank.
$\bullet$ Issued 5,000 shares of its preferred stock for land having a fair value of $320,000.
$\bullet$ Issued 500 of its 11% debenture bonds, due 2020, for $392,000 cash.
$\bullet$ Purchased a patent for $220,000 cash.
$\bullet$ Paid $120,000 toward a bank loan.
$\bullet$ Sold available-for-sale securities for $796,000.
$\bullet$ Had a net increase in returnable customer deposits (long-term) of $88,000.
-Peavy's net cash provided by investing activities for 2015 was

• A) $276,000.
• B) $376,000.
• C) $576,000.
• D) $596,000.

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