Q1. Use the following information & the indirect method to find net cash provided or used by operating activities (1% marks). Net income Depreciation expense Payment on mortgage payable Gain on sale of land. Increase in merchandise inventory.. Increase in accounts payable. Proceeds from sale of land. $12,300 12,000 15,000 7,500 2,050 6,150 8,000 Show plausible calculations to get credit Answer: State the amount $ and whether it is an inflow or outflow