Curwen Inc. reported net cash flow from operating activities of $357,500 on its statement of cash flows for the year ended December 31. The following information was reported in the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method:

    Decrease in income taxes payable           $ 7,700
    Decrease in inventories                            19,140
    Depreciation                                             29,480
    Gain on sale of investments                     13,200
    Increase in accounts payable                     5,280
    Increase in prepaid expenses                     2,970
    Increase in accounts receivable                14,300

A.  Determine the net income reported by Curwen Inc. for the year ended December 31.
B.  Briefly explain why Curwen’s net income is different than net cash flow from operating activities.