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Fantastic Corporation began the year with accounts receivable, inventory, and prepaid expenses totaling $63,000. At...

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Accounting

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Fantastic Corporation began the year with accounts receivable, inventory, and prepaid expenses totaling $63,000. At the end of the year, Fantastic had a total of $74,000 for these current assets. At the beginning of the year it owed current liabilities of $49,000 and at year-end, current liabilities totaled $45,500. Net income for the year was $89,000. Included in net income was a $5,900 gain on the sale of land and depreciation expense of $6,900 Show how Fantastic should report cash flows from operating activities for the year. The company uses the indirect melhod. (Use parentheses or a minus sign for numbers to be subtracted.)

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