The comparative statement of financial position for Pharoah Corporation shows the following noncash current asset and liability accounts at March 31: 2018 2017 Accounts receivable $70,000 $48,500 Inventory 76,000 63,000 Accounts payable 26,500 43,000 Dividends payable 1,300 2,300 Pharoah's income statement reported the following selected information for the year ended March 31, 2018: net income was $280,000, depreciation expense was $68,000, and a loss on the disposal of land was $18,000. Pharoah uses a perpetual inventory system. Calculate net cash provided (used) by operating activities using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Operating activities PHAROAH CORPORATION Statement of Cash Flows (Partial)-Indirect Method Adjustments to reconcile net income to $ $ $ Operating activities he to Loss on disposal of land Net income Prepaid expenses increase Depreciation expense Accounts payable increase Profit on disposal of land Income tax payable increase Interest payable decrease Income tax payable decrease Interest payable increase Accounts receivable increase Inventory increase Accounts receivable decrease Prepaid expenses decrease Loss Inventory decrease Accounts payable decrease +A +A > Operating activities PHAROAH CORPORATION Statement of Cash Flows (Partial)-Indirect Method Adjustments to reconcile net income to Cash at beginning of period Cash at end of period $ Cash flows from financing activities Cash flows from investing activities Cash flows from operating activities Net cash provided by financing activities Net cash provided by investing activities Net cash provided (used) by operating activities Net cash used by financing activities Net cash used by investing activities Net decrease in cash Net increase in cash $ $ Operating activities PHAROAH CORPORATION Statement of Cash Flows (Partial)-Indirect Method Adjustments to reconcile net income to Accounts receivable decrease $ Loss on disposal of land Depreciation expense Income tax payable decrease Accounts payable decrease Income tax payable increase Interest payable increase Loss Inventory increase Accounts payable increase Accounts receivable increase Prepaid expenses decrease Profit on disposal of land Interest payable decrease Inventory decrease Prepaid expenses increase Net income $ $ Operating activities PHAROAH CORPORATION Statement of Cash Flows (Partial)-Indirect Method Adjustments to reconcile net income to Cash at beginning of period Cash at end of period Cash flows from financing activities Cash flows from investing activities Cash flows from operating activities Net cash provided by financing activities Net cash provided by investing activities Net cash provided by operating activities Net cash used by financing activities Net cash used by investing activities Net cash used by operating activities Net decrease in cash Net increase in cash $ $ $