0. EMAX presents the following information from January 2019 till December 2019.

   • Net income: $54,000

   • Depreciation: $2,000

   • Issuance of new bonds: $6,300

   • Expenses paid in cash for utilities: $19,900

   • Gain on sales of a land: $6,500

   • Provision for bad debt: $5,000

   • Sales of land: $14,500

   • Purchases of new fixed assets (machines): $5,400

2019 2018

Accounts receivable, net : $12,000 15,000

Accounts payable: $23,000 20,000

Inventory: $10,000 13,000

Use the indirect method and find the net cash flow from operating activities. Ignore tax effects.