The following information was taken from the comparative financial statements of Imperial Corporation for the years ended December 31, 2011 and 2012:

Use the direct method to compute cash flows provided by operating activities in 2012.

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S 90,000 500,000 300,000 60,000 10,000 3,500 Net income for 2012 Sales revenue Cost of goods sold. Depreciation expense for 2012. Amortization of goodwill for 2012 Interest expense on short-term debt for 2012 Dividends declared and paid in 2012. 65,000 Dec. 31, Dec. 31, 2012 2011 $30,000 50,000 56,000 Accounts receivable (net) $43,000 42,000 59,400 Inventory. Accounts payable.