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In its statement of cash flows issued for the year ending December 31, Oxford Company reported a net cash inflow from operating activities of $123.

In its statement of cash flows issued for the year ending December 31, Oxford Company reported a net cash inflow from operating activities of $123. The following items are listed on the Statement of cash Flows:

Depreciation $38

Increase in net accounts receivable 31

Decrease in inventory 27

Decrease in accounts payable 48

Dividends paid 12

Net income is:

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