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

Net Income $12300 Depreciation Exp $12000 Payment on Mortgage Payable $15000 Gain on sale of Land $7500 Increase in Merchandise Inventory $2050 Increase in accounts payable $6150 Proceeds from sale of land $8000

A) $12,700. B) $13,900. C) $20,900. D) $28,400. E) $35,900.