The current year income statement along with changes in selected balance sheet accounts follow. e T s $ 248,000 _ 'Cost of goods sold o ,u& Gross profit 5 132,000 Dperating expenses Salaries expense $ 78,000 'Depreciation expense 30,000 ' m:sf't-iz:ion expense 12,000 - 120,000 s , Gain on nlb of equipment , 26,000 Income before taxes $ 38,060 Income taxes expense i 13,300 Net Income . S Selected Balance Sheet Data at Year-End Increase in accounts receivable $ 4,000 Increase in accounts payable (all accounts payable transactions are 16,000 #or inventory) s Increase in lincome taxes payable 300 Decrease in salaries payable 10,000 Decrease in inventory 14,000 Decrease in long-term notes payable 20,000 Calculate the net cash provided or used by operating activities using the direct method. Note: Amounts to be deducted should be indicated with a minus sign