Use the following information and the indirect method to calculate the net cash provided or used by operating activities:

Net income	$	87,300
Depreciation expense		14,000
Gain on sale of land		6,300
Increase in merchandise inventory		4,050
Increase in accounts payable		8,150

Multiple Choice

• $32,400.

• $17,100.

• $18,100.

• $99,100.

• $38,700.