The following information was taken from the comparative financial statements of Imperial Corporation for the years ended December 31, 2002 and 2003:

Use the direct method to compute cash flows provided by operating activities in 2003. (HINT: You need to calculate cash paid for operating expenses.)

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Net income for 2003 Sales revenue Cost of goods sold.. Depreciation expense for 2003. Amortization of goodwill for 2003 Interest expense on short-term debt for 2003. Dividends declared and paid in 2003 Accounts receivable (net) Inventory Accounts payable $ 90,000 500,000 300,000 60,000 10,000 3,500 65,000 Dec. 31, 2003 Dec. 31, 2002 $30,000 $43,000 50,000 42,000 56,000 59,400