Panenous Corporation’s comparative balance sheet for current assets and liabilities was as follows:

Adjust net income of $351,000 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.

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Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $39,490 $31,590 76,340 65,150 Inventory Accounts payable Dividends payable 60,750 45,410 18,000 24,000