A company's income statement showed the following: net income, $128,000 and depreciation expense, $31,200. An examination of the company's current assets and current liabilities showed the following changes: accounts receivable decreased $9,800; merchandise inventory increased $18,800; and accounts payable increased $3,800. Calculate the net cash provided or used by operating activities.

Multiple Choice

• $122,000.

• $164,400.

• $126,800.

• $154,000.

• $184,000.