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Question(s) / Instruction(s):

A company had net income of $420,000; depreciation expense is $52,000.  During the year, Accounts Receivable and Inventory increased by $30,000 and $80,000 respectively.  Prepaid Expenses and Accounts Payable decreased $4,000 and $8,000 respectively.  There was a loss on the sale of equipment of $6,000.  How much cash was provided by operating activities?

a)            $352,000

b)            $364,000

c)            $512,000

d)            $536,000

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