Angus Meat Corporation reported the following information for the year ended December 31:

Calculate the net cash provided (used) by operating activities using the direct method.

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Balance sheet accounts: 2017 2016 Income statement accounts: 2017 Accounts receivable Inventory Prepaid expenses Accounts payable Income tax payable $85,000 $60,000 62,000 55,000 9,000 42,000 9,000 Sales Gain on sale of land Cost of goods sold Operating expenses Depreciation expense Income tax expense $375,000 5,000 35,000 14,000 15,000 150,000 75,000 20,000 50,000