The following information was obtained from Galena Company's comparative balance sheets. Assume that Galena Company's 2016 income statement showed depreciation expense of $4,000, a gain on sale of investments of $4,500, and net income of $22,500?

Question 2 Partially correct Mark 19.64 out of 25.00 Flag question Calculating Net Cash Flow from Operating Activities (Indirect Method) The following information was obtained from Galena Company's comparative balance sheets. Assume that Galena Company's 2016 income statement showed depreciation expense of $4,000, a gain on sale of investments of $4,500, and net income of $22,500. Cash Accounts receivable Inventory Prepaid rent Long-term investments Plant assets Accumulated depreciation Accounts payable Income tax payable Common stock Dec. 31, 2016 Dec. 31, 2015 $9,500 $4,500 22,000 17,500 27,500 24,500 3,000 4,000 10,500 17,000 75,000 53,000 20,000 16,000 12,000 10,000 2,000 3,000 60,500 46,000 53,000 45,500 Retained earnings Calculate the net cash flow from operating activities using the indirect method. Instructions: Use negative signs with answers that reduce cash provided by operating activities. Enter accounts in alphabetical order, when needed. Instructions: Use negative signs with answers that reduce cash provided by operating activities. Enter accounts in alphabetical order, when needed. > Net cash flow from operating activities Dec. 31, 2016 Net income $ 15,700 x Add (deduct) items to convert net income to cash basis Depreciation 4,000 Gain on sale of investments (22,000) * Change in operating assets: Accounts receivable (4,500) Inventory (3,000) Prepaid rent 1,000 Change in operating liabilities: Accounts payable 2,000 Income taxes payable (1,000) Net cash provided by operating activities $ 0 x - Check