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Carr Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet Ending Balance Beginning Balance Cash and cash equivalents $

Carr Corporation's comparative balance sheet and income statement for last year appear below:

Comparative Balance Sheet
Ending Balance Beginning Balance
Cash and cash equivalents $ 3,300 $ 23,460
Accounts receivable 89,600 77,390
Inventory 39,800 47,940
Prepaid expenses 9,540 16,200
Long-term investments 244,800 216,000
Property, plant, and equipment 551,050 518,400
Less accumulated depreciation 352,000 300,900
Total assets $ 586,090 $ 598,490
Accounts payable $ 9,810 $ 26,250
Accrued liabilities 24,720 18,020
Income taxes payable 53,900 46,920
Bonds payable 176,000 218,000
Common stock 167,000 140,000
Retained earnings 154,660 149,300
Total liabilities and stockholders' equity $ 586,090 $ 598,490

Income Statement
Sales $ 884,000
Cost of goods sold 472,500
Gross margin 411,500
Selling and administrative expense 297,000
Net operating income 114,500
Income taxes 39,800
Net income $ 74,700

The company declared and paid $69,340 in cash dividends during the year. It did not dispose of any property, plant, and equipment during the year.

Required:

Prepare the operating activities section of the company's statement of cash flows for the year using the direct method. (Enter all amounts as positive values except for adjustments to cash basis that are deducted.)

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