For the just completed year, Hanna Company had net income of $85,500. Balances in the companys current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash $ 56,000 $ 82,000 Accounts receivable $ 170,000 $ 192,000 Inventory $ 451,000 $ 361,000 Prepaid expenses $ 12,000 $ 14,500 Current liabilities: Accounts payable $ 354,000 $ 390,000 Accrued liabilities $ 8,000 $ 12,000 Income taxes payable $ 34,000 $ 27,000 The Accumulated Depreciation account had total credits of $48,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Use the indirect method to determine the net cash provided by (or used in) operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.)

For the just completed year, Hanna Company had net income of $85,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 Beginning of End of Year Year Current assets; Cash 56,000 82,000 170,000 192,000 Accounts receivable Inventory 451,000 361,000 12,000 14,500 Prepaid expenses Current liabilities: 354,000 390,000 Accounts payable Accrued liabilities 8,000 12,000 34,000 27,000 Income taxes payable The Accumulated Depreciation account had total credits of $48,000 during the year Hanna Company did not record any gains or losses during the year. Required Use the indirect method to determine the net cash provided by (or used in) operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partial) Net income Adjustments to convert net income to a cash basis: Net cash provided by (used in) operating activities