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D is corrent. Working capital equals current assets less current liabilities. Any transactions which affect either current assets or current liabilities, but not both, will affect working capital.  If a transaction affects both current assets and current liabilities, the effects will offset and there will be no change in working capital.  Working capital at 12/31/Y1 is computed as follows:

12/31/Y1 working capital	$1,700,000
WC provided by operations	900,000
Cash purchases of plant assets	(600,000)
Cash dividends paid	(250,000)
12/31/Y2 working capital	$1,750,000

Cash purchases of plant assets and cash dividends paid both decrease working capital because cash, a current asset, is decreasing. Short-term borrowings (and payments on those borrowings) have no effect on working capital because both a current asset and a current liability are affected.  In a short-term borrowing cash (a current asset) increases and notes payable (a current liability) also increases.  These increases offset, and there is no effect on working capital.  When short-term borrowings are repaid, cash and notes payable both decrease. These decreases offset, and there is no effect on working capital.
A is incorrect. Working capital equals current assets less current liabilities. Any transactions which affect either current assets or current liabilities, but not both, will affect working capital.  If a transaction affects both current assets and current liabilities, the effects will offset and there will be no change in working capital. 
B is incorrect. Working capital equals current assets less current liabilities. Any transactions which affect either current assets or current liabilities, but not both, will affect working capital.  If a transaction affects both current assets and current liabilities, the effects will offset and there will be no change in working capital.  
B is incorrect. Working capital equals current assets less current liabilities. Any transactions which affect either current assets or current liabilities, but not both, will affect working capital.  If a transaction affects both current assets and current liabilities, the effects will offset and there will be no change in working capital.