The comparative balance sheet for an entity that had profit of $175,000 for the year ended December 31, 20X2, and paid $52,000 of dividends during 20X2 is as follows:

Paz, Inc.

Balance Sheet

At December 31,

12/31 20X2 12/31/20X1

Cash $150,000 $180,000

Accounts receivable 200,000 220,000

Total assets $350,000 $400,000

Payables 80,000 $160,000

Share capital 130,000 125,000

Retained earnings 140,000 115,000

Total liabilities and stockholders' equity $350,000 $400,000

If dividends paid are treated as an operating item, the amount of net cash from operating activities during 20X2 was