Comparative balance sheet accounts of Sharpe Company are presented below.

SHARPE COMPANY COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31

Debit Balances 2014 2013

Cash $72,220 $51,140

Accounts Receivable 154,280 130,250

Inventory 74,530 61,600

Investments (Available-for-sale) 54,680 85,290

Equipment 70,820 48,280

Buildings 144,130 144,130

Land 39,790 25,980

Totals $610,450 $546,670

Credit Balances

Allowance for Doubtful Accounts $10,730 $8,990

Accumulated DepreciationEquipment 21,660 14,050

Accumulated DepreciationBuildings 37,990 28,490

Accounts Payable 66,700 60,990

Income Taxes Payable 12,500 10,290

Long-Term Notes Payable 62,180 70,440

Common Stock 310,710 260,910

Retained Earnings 87,980 92,510

Totals $610,450 $546,670

Additional data: 1. Equipment that cost $10,310 and was 60% depreciated was sold in 2014.

2. Cash dividends were declared and paid during the year.

3. Common stock was issued in exchange for land.

4. Investments that cost $35,130 were sold during the year.

5. There were no write-offs of uncollectible accounts during the year.

Sharpes 2014 income statement is as follows.

Sales revenue $959,320

Less: Cost of goods sold 608,550

Gross profit 350,770

Less: Operating expenses (includes depreciation expense and bad debt expense) 252,480

Income from operations 98,290

Other revenues and expenses:

Gain on sale of investments $15,920

Loss on sale of equipment (3,210 ) 12,710

Income before taxes 111,000

Income taxes 45,370

Net income $65,630

(a) Compute net cash provided by operating activities under the direct method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

(b) Prepare a statement of cash flows using the indirect method.