Comparative balance sheets and the income statements for Ellis Corporation are presented below:

Comparative Balance Sheet
	Ending Balance			Beginning Balance
Assets:
Current assets:
Cash and cash equivalents	$	48,600		$	33,000
Accounts receivable		39,900			43,200
Inventory		71,000			61,200
Total current assets		159,500			137,400
Long-term investments		168,500			220,000
Property, plant, and equipment		286,300			159,000
Less accumulated depreciation		53,000			52,500
Total assets	$	561,300		$	463,900
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable	$	38,500		$	42,800
Accrued liabilities		25,000			31,800
Income taxes payable		15,500			21,000
Total current liabilities		79,000			95,600
Bonds payable		127,200			32,400
Total liabilities		206,200			128,000
Stockholders equity:
Common stock		309,800			286,200
Retained earnings		45,300			49,700
Total stockholders' equity		355,100			335,900
Total liabilities and stockholders' equity	$	561,300		$	463,900

Income Statement
Sales	$	156,000
Cost of goods sold		81,100
Gross margin		74,900
Selling and administrative expense		17,100
Net operating income		57,800
Loss on sale of investment		2,500
Income before taxes		55,300
Income taxes		23,300
Net income	$	32,000

The following additional information is available for the year:

* During the year, the company sold long-term investments for $49,000 that had been purchased for $51,500.

* The company did not sell any property, plant, and equipment during the year or repurchase any of its own common stock.

* All sales were on credit.

* The company paid a cash dividend of $36,400.

* The company paid cash to retire $15,900 of bonds payable.

Required:

a. Using the indirect method, determine the net cash provided by (used in) operating activities.

b. Using the direct method, determine the net cash provided by (used in) operating activities.

c. Using the net cash provided by (used in) operating activities amount from either part a or b, prepare a statement of cash flows.