Hirshberg Corporation's comparative balance sheet appears below:

Comparative Balance Sheet
	Ending Balance			Beginning Balance
Assets:
Current assets:
Cash and cash equivalents	$	42,000		$	31,000
Accounts receivable		22,000			18,000
Inventory		66,000			70,000
Total current assets		130,000			119,000
Property, plant, and equipment		401,000			377,000
Less accumulated depreciation		207,000			177,000
Net property, plant, and equipment		194,000			200,000
Total assets	$	324,000		$	319,000
Liabilities and stockholders' equity:
Current liabilities:
Accounts payable	$	15,000		$	17,000
Accrued liabilities		45,000			38,000
Income taxes payable		53,000			51,000
Total current liabilities		113,000			106,000
Bonds payable		83,000			91,000
Total liabilities		196,000			197,000
Stockholders equity:
Common stock		27,000			28,000
Retained earnings		101,000			94,000
Total stockholders equity		128,000			122,000
Total liabilities and stockholders' equity	$	324,000		$	319,000

The company's net income for the year was $11,000 and its cash dividends were $4,000. It did not sell or retire any property, plant, and equipment during the year.

The company's net cash provided by (used in) operating activities is:

Multiple Choice

• $48,000

• $18,000

• $40,000

• $52,000