Hocking Corporation's comparative balance sheet appears below:

Hocking Corporation Comparative Balance Sheet
	Ending Balance	Beginning Balance
Assets:
Current assets:
Cash and cash equivalents	$43,000	$31,300
Accounts receivable	24,000	32,000
Inventory	82,000	74,000
Prepaid expenses	14,400	11,200
Total current assets	163,400	148,500
Property, plant, and equipment	518,000	498,000
Less accumulated depreciation	259,000	224,100
Net property, plant, and equipment	259,000	273,900
Total assets	$422,400	$422,400
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$32,200	$21,000
Accrued liabilities	64,000	83,000
Income taxes payable	97,000	99,000
Total current liabilities	193,200	203,000
Bonds payable	112,000	97,000
Total liabilities	305,200	300,000
Stockholders' equity:
Common stock	52,000	38,000
Retained earnings	65,200	84,400
Total stockholders' equity	117,200	122,400
Total liabilities and stockholders' equity	$422,400	$422,400

The company's net income (loss) for the year was $(9,600) and its cash dividends were $9,600. It did not sell or retire any property, plant, and equipment during the year. The company uses the indirect method to determine the net cash provided by operating activities.

The company's net cash provided by operating activities is:

$15,700

$31,500

$39,500

$12,300