Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements of Harlan Mining Co. for 2015 and 2014 are provided below.

BALANCE SHEETS

12/31/15 12/31/14

Cash $306,000 $ 144,000

Accounts receivable 270,000 162,000

Inventory 288,000 360,000

Property, plant and equipment $456,000 $720,000

Less accumulated depreciation (240,000) 216,000 (228,000) 492,000

$1,080,000 $1,158,000

Accounts payable $ 132,000 $ 72,000

Income taxes payable 264,000 294,000

Bonds payable 270,000 450,000

Common stock 162,000 162,000

Retained earnings 252,000 180,000

$1,080,000 $1,158,000

INCOME STATEMENT

For the Year Ended December 31, 2015

Sales revenue $6,300,000

Cost of sales 5,364,000

Gross profit 936,000

Selling expenses $450,000

Administrative expenses 144,000 594,000

Income from operations 342,000

Interest expense 54,000

Income before taxes 288,000

Income taxes 72,000

Net income $ 216,000

The following additional data were provided:

1. Dividends for the year 2015 were $144,000.

2. During the year, equipment was sold for $180,000. This equipment cost $264,000 originally and had a book value of $216,000 at the time of sale. The loss on sale was incorrectly charged to cost of sales.

3. All depreciation expense is in the selling expense category.

Questions 51 through 55 relate to a statement of cash flows (direct method) for the year ended December 31, 2015, for Harlan Mining Company.

51. The net cash provided by operating activities is