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Roy Transportation (RT) began 2020 with accounts receivable, inventory, and prepaid expenses totalling $68,000. At the end of the year, RT had a total

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Roy Transportation (RT) began 2020 with accounts receivable, inventory, and prepaid expenses totalling $68,000. At the end of the year, RT had a total of $77,000 for these current assets. At the beginning of 2020, RT owed current liabilities of $41,000, and at year-end, current liabilities totalled $39,000. Net income for the year was $89,000. Included in net income were a $7,000 gain on the sale of land and depreciation expense of $8,000. Show how RT should report cash flows from operating activities for 2020. RT uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted or a net decrease in cash.) Cash flows from operating activities: Not income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Gain on sale of land Increase in accounts receivable, inventory, and prepaid expenses Decrease in currerabilities Net cash provided by operating activities

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