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The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2011: TREECE, INC. INCOME STATEMENT FOR THE

The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2011:

TREECE, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2011
Revenue:
Net sales $ 2,850,000
Dividend income 104,000
Interest income 70,000
Gain on sales of marketable securities 4,000


Total revenue and gains $ 3,028,000
Costs and expenses:
Cost of goods sold $ 1,550,000
Operating expenses 980,000
Interest expense 185,000
Income taxes 90,000


Total costs and expenses 2,805,000


Net income $ 223,000




End of Year Beginning of Year
Selected account balances:
Accounts receivable $ 650,000 $ 720,000
Accrued interest receivable 9,000 6,000
Inventories 800,000 765,000
Short-term prepayments 20,000 15,000
Accounts payable (merchandise suppliers) 570,000 562,000
Accrued operating expenses payable 65,000 94,000
Accrued interest payable 21,000 12,000
Accrued income taxes payable 22,000 35,000

Additional Information
1.

Dividend revenue is recognized on the cash basis. All other income statement amounts are recognized on the accrual basis.

2. Operating expenses include depreciation expense of $115,000.

Prepare a partial statement of cash flows for the current year, showing the computation of net cash flows from operating activities by the indirect method. (Input all amounts as positive values. Omit the "$" sign in your response.)

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