Additional information is as follows:

• During the year, Logistical sold equipment for proceeds of $50,000. The equipment had a cost of $80,000 and accumulated depreciation of $35,000.

• During the year, a review of Logisticals goodwill was completed, and it was determined that the asset was impaired and should be written down by $3,000.

• Logistical did not purchase any additional investments in the year. Any changes in the fair value of investments have been adjusted through other comprehensive income. These securities are not cash equivalents.

• During the year, a new lease was signed for equipment that had a fair market value of $45,000. Depreciation expense for the year totalled $1,000. The new lease was signed in the year, which required a $7,000 payment at the start of the lease.

• Logistical elects to classify any interest paid and dividends paid as financing activities. During the year, Logistical declared dividends of $5,620.

  What is the net cash from operating activities for the year ended December 31, 20X6?

• a) $30,120

• b) $33,120

• c) $35,520

• d) $42,500

2. Select financial information for Logistical Corp. as at December 31, 20X6, follows: Logistical Corp. Statement of comprehensive income For the year ended December 31, 20X6 Sales $405,000 Cost of goods sold (248,000) Gross profit 157,000 Interest expense (6,000) Depreciation expense (30,100) Operating expenses (95,000) Gain on sale of equipment 5,000 Goodwill impairment (3,000) Income before income taxes 27,900 Income tax expense (5,580) Profit or loss 22,320 Other comprehensive income: holding gains on investments at fair value through other comprehensive income (FVOCI) 2,400 Comprehensive income 24.720 Logistical Corp. Statement of financial position As at December 31, 20X6 20X6 20X5 Change Cash $ 57,000 $ 76,000 $(19,000) Investments at FVOCI 8,900 6,500 2,400 Accounts receivable (A/R) 45,000 39,000 6,000 Inventory 100,000 80,000 20,000 Property, plant, and equipment 415,000 450,000 (35,000) Accumulated depreciation (95,100) (100,000) 4,900 Goodwill 15,000 18.000 (3,000) Total assets $545,800 $569,500 $ 68,500 6,000 76,000 6,000 6,500 4,500 11,000 Accounts payable Cash dividends payable Bond payable Interest payable Lease liability Long-term debt Deferred income tax liability Common shares Retained earnings Accumulated other comprehensive income Total liabilities and equity $ 75,000 10,500 87,000 6,000 38,000 205,000 3,600 10,000 105,300 5,400 $545,800 38,000 (99,000) (3,800) 304,000 7,400 10,000 88,600 3.000 $569,500 16,700 2,400