Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: $56,600 Depreciation expense $8,900 Decrease in accounts receivable 8,500 Increase in inventory (4,700) Decrease in accounts payable (2,800) Loss on disposal of plant assets 3,200 13,100 Net cash provided by operating activities 69,700 Cash flows from investing activities Sale of investments Purchase of equipment Net cash used by investing activities 3,000 (27,100) (24,100) Cash flows from financing activities Issuance of common stock 19,400 Payment on long-term note payable (12,800) Payment for cash dividends (17,100) Net cash used by financing activities (10,500) Net increase in cash 35,100 Cash at beginning of year 11,900 Cash at end of year $47,000