E12-29B. (Learning Objective 3: Compute cash flows from operating activities--indirect method) The accounting records of Chicago Distributors, Inc., reveal the following: $7,000 19,000 Net income...................................$ 35,000 Collection of dividend revenue .......... 7,100 Payment of interest............. 12,000 Sales revenue ......................... ..... 307,000 Gain on sale of land ................... 14,000 Acquisition of land with cash........... 35,000 Depreciation expense ..................... Decrease in current liabilities.......... Increase in current assets other than cash .................. Payment of dividends ..................... Payment of income tax................... 25,000 7,700 14,000 Requirement 1. Compute cash flows from operating activities by the indirect method. Use the format of the operating activities section of Exhibit 12-6. Also evaluate the operating cash flow of Chicago Distributors. Give the reason for your evaluation