Graffiti Advertising, Inc., reported the following financialstatements for the last two years.

2019 Income Statement
  Sales	$	573,200
  Costs of goods sold		273,945
  Selling & administrative		124,717 Â
  Depreciation		54,560
  EBIT	$	119,978
  Interest		19,648 Â
  EBT	$	100,330
  Taxes		40,132
  Net income	$	  60,198 Â
  Dividends	$	11,200
  Addition to retained earnings	$	48,998

GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2018
  Cash	$	13,480	   Accounts payable	$	9,488
  Accounts receivable		18,978	   Notes payable		14,492
  Inventory		13,810
			   Current liabilities	$	23,980
  Current assets	$	46,268	   Long-term debt	$	135,520
  Net fixed assets	$	344,906	   Owners' equity	$	231,674
     Total assets	$	391,174	      Total liabilities andowners’ equity	$	391,174

GRAFFITI ADVERTISING, INC. Balance Sheet as of December 31, 2019
  Cash	$	14,466	  Accounts payable	$	10,528
  Accounts receivable		21,083	  Notes payable		16,482
  Inventory		22,770
			  Current liabilities	$	27,010
  Current assets	$	58,319	  Long-term debt	$	153,600
  Net fixed assets	$	406,295	  Owners' equity	$	284,004
     Total assets	$	464,614	     Total liabilities and owners’equity	$	464,614

a.	Calculate the operating cash flow. (Do not roundintermediate calculations and round your answer to the nearestwhole number, e.g., 32.)
b.	Calculate the change in net working capital. (Do notround intermediate calculations and round your answer to thenearest whole number, e.g., 32.)
c.	Calculate the net capital spending. (Do not roundintermediate calculations and round your answer to the nearestwhole number, e.g., 32.)
d.	Calculate the cash flow from assets. (A negative answershould be indicated by a minus sign. Do not round intermediatecalculations and round your answer to the nearest whole number,e.g., 32.)
e.	Calculate the cash flow to creditors. (Do not roundintermediate calculations and round your answer to the nearestwhole number, e.g., 32.)
f.	Calculate the cash flow to stockholders. (A negativeanswer should be indicated by a minus sign. Do not roundintermediate calculations and round your answer to the nearestwhole number, e.g., 32.)

	a. Operating cash flow $134,406 b. Change in net working capital $9,021 c. Net capital spending $115,949 d. Cash flow from assets $9,436 e. Cash flow to creditors f. Cash flow tostockholders