Required information The following information applies to the questions displayed below.) Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year $ 15 292 150 9 466 512 (83) 429 25 $ 920 $ 12 231 195 5 443 432 (71) 361 31 $835 Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Long-term investments Total assets Liabilities and Stockholders. Equity Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 304 70 74 448 196 644 160 116 276 $ 920 $225 78 64 367 172 539 202 94 206 $835 Weaver Company Income Statement For This Year Ended December 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of investments Loss on sale of equipment Income before taxes Income taxes Net income $750 445 305 221 84 $ 6 (2) 4 88 24 $ 64 During this year, Weaver sold some equipment for $18 that had cost $30 and on which there was accumulated depreciation of $10. In addition, the company sold long-term investments for $12 that had cost $6 when purchased several years ago. Weaver paid a cash dividend this year and the company repurchased $42 of its own stock. This year Weaver did not retire any bonds. Required: 1. Using the Indirect method, determine the net cash provided by/used in operating activities for this year. (List any deduction in cash and cash outflows as negative amounts.) Weaver Company Statement of Cash Flows-Indirect Method (partial) INet Income Adjustments to convert net income to a cash basis: Depreciation Goin on sale of investments Loss on sale of equipment Increase in accounts receivable Decrease in inventory Increase in prepaid expenses Increase in accounts payable Decrease in accrued liabilities Increase in income taxes payable 0 0 Inet cash provided by operating activities