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For the year just completed, Hanna Company had net income of $68,000. Balances in the company's current asset and current liability accounts at the beginning and end of the year were as follows: December 31 End of Year Beginning of Year Current assets: Cash and cash equivalents $ 58,000 $ 78,000 Accounts receivable $ 154,000 $ 192,000 Inventory $ 430,000 $ 346,000 Prepaid expenses $ 11,000 $ 13,000 Current liabilities: Accounts payable $ 350,000 $ 384,800 Accrued liabilities $ 8,500 $ 12,000 Income taxes payable $ 34,000 $ 29,000 The Accumulated Depreciation account had total credits of $48,000 during the year. Hanna Company did not record any gains on losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash outflows as negative amounts.) Hanna Company Statement of Cash Flows-Indirect Method (partist) Net income Adjustments to convert net income to a cash basis: Depreciation 68,000 $ 48.000 Increase in income taxes payable Decrease in accounts payable Increase in inventory Decrease in prepaid expenses Decrease in accrued liabilities Decrease in accounts receivable Net cash provided by operating activities 48,000 116.000 $