Garfunkel Ltd., a privately held corporation that follows ASPE, reported the following selected information for 2021: Service revenue (all credit sales) -- $450,000 Cash received from customers -- $310,000 Interest payments (on long-term debt) -- $8,000 Purchase of new equipment for cash -- $160,000 Cash dividends paid -- $20,000 Payments for administrative and operations costs -- $240,000 Income taxes paid -- $14,000 Net income -- $52,000 Based on this information, and assuming Garfunkel uses the direct method, the cash provided (used) by operating activities to be reported on Garfunkels 2021 statement of cash flows is___________.

A) $70,000

B) $(102,000)

C) $40,000

D) $48,000