In preparing a company's statement of cash flows for the most recent year using the indirect method, the following information is available:

Net income for the year was	$	60,000
Accounts payable decreased by		26,000
Accounts receivable increased by		33,000
Inventories increased by		13,000
Cash dividends paid were		15,600
Depreciation expense was		28,000

Net cash provided by operating activities was:

Multiple Choice

• $144,000.

• $38,000.

• $52,000.

• $76,400.

• $16,000.