Ronald and Liu, Co. reported the following information for the year ended December 31, 2019:

• Accounts payable increased during the year by $15,000;
• Inventory decreased during the year by $14,000;
• Accounts Receivable decreased by $1,500;
• Net income for the year was $35,500;
• On December 31, 2019, Ronald and Liu, Co. sold a piece of equipment for $10,000 cash that originally cost $60,000. The accumulated depreciation on this piece of equipment at the time of its sale was $54,000.
• The total Accumulated depreciation on Ronald and Liu, Co.'s equipment increased from $10,000 at December 31, 2018 to $18,000 at December 31, 2019.
• Dividends paid in cash during the year ending 12/31/2019: $21,000

On the statement of cash flows, cash flow from operating activities for the year ending 12/31/2019 should be reported as?