4. In 20X6, PMW Corporation borrowed $120,000, paid dividends of $35,000, issued 10,000 shares for $46 per share, purchased land for $250,000, and received dividends of $20,000.

Net income was $160,000, and depreciation for the year totaled $8,000. How much should be reported as net cash provided by operating activities by the indirect method?

a. $205,000

c. $230,000

b. $168,000

d. $152,000