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The following took place during the year: Decrease in accounts receivable $4,000; Deprecation expense $50,000; Gain on sale of investments $1,000; Increase in accounts payable
The following took place during the year: Decrease in accounts receivable $4,000; Deprecation expense $50,000; Gain on sale of investments $1,000; Increase in accounts payable $2,000; Net income $100,000; Payment of principal on long-term note payable $10,000; and cash received from sale of equipment $7,000.
Using this information, what is the cash provided (used) by operating activities using the indirect method?
A. None of the answers are correct.
B. $145,000
C. $152,000
D. $155,000
E. $156,000
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