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Carmel Company's comparative balance sheet and income statement for last year appear below:
Statement of Financial Position
Ending
Beginning
Balance
Cash
$ 49,000
$ 30,000
Accounts receivable
23,000
30,000
Inventory
63,000
49,000
Prepaid expenses
13,000
19,000
Long-term investments
260,000
200,000
Plant and equipment
520,000
500,000
Accumulated depreciation
(256,000)
(224,000)
Total assets
$672,000
$604,000
Accounts payable
$ 20,000
$ 35,000
Accrued liabilities
17,000
Taxes payable
15,000
11,000
Bonds payable
100,000
150,000
Deferred taxes
16,000
Common stock
70,000
Retained earnings
384,000
305,000
Total liabilities and owners' equity
Income Statement
Sales
$810,000
Less cost of goods sold
390,000
Gross margin
420,000
Less operating expenses
290,000
Net operating income
130,000
Less income taxes
39,000
Net income
$ 91,000
The company declared and paid $12,000 in cash dividends during the year.
Required:
Construct in good form the operating activities section of the company's statement of cash flows for the year using the direct method.
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