For the year just completed, Hanna Company had net income of $75,500. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable December 31 End of Beginning Year of Year $ 64,000 $ 79,000 $164,000 $182,000 $442,000 $367,000 $ 12,000 $ 13,500 $352,000 $390,000 $ 8,000 $ 12,000 $ 35,000 $ 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. (Hint: Accumulated Depreciation has a normal balance of a debit. It is normally increased from depreciation. Then what is the depreciation expense?) Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.) Palat incomA Hanna Company Statement of Cash Flows-Indirect Method (partial) 4 7E CON Required: Using the indirect method, determine the net cash provided by 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 75,500 Adjustments to convert net income to a cash basis: Decrease in accrued liabilities $ (4,000) Depreciation Decrease in accounts receivable 18,000 Increase in inventory (75,000) Decrease in prepaid expenses 1,500 Decrease in accounts payable (38,000) Increase in income taxes payable 8,000 (89,500) $ (14,000)