Hardware Distributors reports net income of $59,000. Included in that number is depreciation expense of $12,000 and a loss on the sale of land of $5,400. A comparison of this year's and last year's balance sheets reveals a decrease in accounts receivable of $29,000, a decrease in inventory of $17,000, and an increase in accounts payable of $49,000.

Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)