Salsedo Corporation's balance sheet and income statement appear below:

Comparative Balance Sheet

Ending Balance Beginning Balance

Assets:

Cash and cash equivalents $ $31$ $ $33$

Accounts receivable $2430$

Inventory $5347$

Property, plant, and equipment $461390$

Less accumulated depreciation $306256$

Total assets $ $263$ $ $244$

Liabilities and stockholders' equity:

Accounts payable $ $42$ $ $49$

Accrued liabilities $1617$

Income taxes payable $3940$

Bonds payable $7590$

Common stock $5350$

Retained earnings $38(2)$

Total liabilities and stockholders' equity $ $263$ $ $244$

Income Statement

Sales $ $634$

Cost of goods sold $400$

Gross margin $234$

Selling and administrative expense $174$

Net operating income $60$

Gain on sale of equipment $10$

Income before taxes $70$

Income taxes $21$

Net income $ $49$

Cash dividends were $$9.$ The company sold equipment for $$15$ that was originally purchased for $$10$ and that had accumulated depreciation of $$5.$ It did not issue any bonds payable or repurchase any of its own common stock.

The net cash provided by $($used in$)$ operating activities for the year was:

Multiple Choice

$$60$

$$95$

$$94$

$$85$