2 Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation $ -26 338 $ 13 229 152 195 9 5 473 441 507 427 83 70 Net property, plant, and equipment Long-term investments 424 357 27 33 Total assets $ 924 $ 831 Liabilities and Stockholders' Equity Accounts payable $ 301 $ 225 Accrued liabilities 71 77 Income taxes payable 71 63 Total current liabilities 443 365 Bonds payable 199 170 Total liabilities 642 535 Common stock 162 202 Retained earnings 120 94 Total stockholders' equity 282 296 Total liabilities and stockholders' equity $ 924 $ 831 Weaver Company Income Statement For This Year Ended December 31 Sales $ 751 Cost of goods sold 448 Gross margin 303 Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments 219 84 $ 7 Loss on sale of equipment (2) 5 Income before taxes Income taxes 89 23 Net income $ 66 During this year, Weaver sold some equipment for $19 that had cost $31 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $13 that had cost $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $40 of its own stock. This year Weaver did not retire any bonds.. Required: 1. Using the indirect method, determine the net cash provided by/used in operating activities for this year. (List any deduction in cash and cash outflows as negative amounts.) Net income Weaver Company Statement of Cash Flows-Indirect Method (partial) $ 532 Adjustments to convert gross margin to a cash basis: 0 $ 532