Lacey Company prepared the tabulation below at December 31, 2014.

Net Income ................................................... $310,000

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense, $45,000 ................................................................... ________

Increase in accounts receivable, $55,000 .................................................... ________

Decrease in inventory, $12,000 ................................................................... ________

Increase in accounts payable, $6,000 .......................................................... ________

Increase in prepaid expenses, $4,000........................................................... ________

Decrease in income taxes payable, $3,500 .................................................. ________

Gain on disposal of land, $7,500.................................................................. ________

Net cash provided (used) by operating activities ........................................ ________

Instructions

Show how each item should be reported in the statement of cash flows. Use parentheses for deductions