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 24 30 Inventory 53 47 Property, plant, and equipment 461 390 Less accumulated depreciation 306 256 Total assets $ 263 $ 244 Liabilities and stockholders' equity: Accounts payable $ 42 $ 49 Accrued liabilities 16 17 Income taxes payable 39 40 Bonds payable 75 90 Common stock 53 50 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