The following balances were gathered from Brandon Companys general ledger. Using the indirect method, prepare the cash flows provided by operating activities section of Brandons statement of cash flows.

	June 30, 2014	June 30, 2015
Accounts receivable	$120,000	$132,000
Inventory	180,000	197,000
Accounts payable	43,000	54,000
Accrued liabilities	12,000	16,000
Income taxes payable	22,000	15,000
Sales	430,000
Cost of goods sold	270,000
Operating expenses (includes $15,000 depreciation)	112,000
Gain on sale of equipment	26,000
Income tax expense	17,000