During 2011, Pilch Corporation had a net income of $216,000. Included on its income statement were depreciation expense of $24,000 and amortization expense of $2,700. During the year, accounts receivable decreased by $12,300, inventories increased by $8,100, prepaid expenses decreased by $1,500, accounts payable decreased by $21,000, and accrued liabilities decreased by $2,550. Use the indirect method to determine net cash flows from operating activities.
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