Entity B reported net income of $45,000 for the current year. Depreciation recorded on buildings and equipment amounted to $60,000 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year

Cash $45,000 $75,000

Accounts receivable 60,000 46,000

Inventory 34,000 44,000

Accounts payable 22,000 14,000

Taxes payable 1,000 10,000

Instructions: Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method.