16. (Hoffman Company' s net income for the current year was $480,000. Depreciation was $62,000. Accounts receivable and inventories decreased by $20,000 and $32,000, respectively. Prepaid expenses and salaries payable increased, respectively, by $2,000 and $16,000. Equipment was sold at a gain of $8,000. How much cash was provided by operating activities? A. $536,000. B. $600,000. C. $576,000. D. $476,000.