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Somerset Company, a manufacturer, uses the indirect method for preparing its statement of cash flows....

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Accounting

Somerset Company, a manufacturer, uses the indirect method for preparing its statement of cash flows. The company has provided the following information pertaining to its recent year of operation:
Cash flow from operating activities, $166,000
Accounts payable decreased $18,000
Prepaid assets increased $9,000
Depreciation expense was $15,000
Accounts receivable decreased $12,000
Loss on sale of a depreciable asset was $11,000
Wages payable increased $6,500
Unearned revenue decreased $11,000
Patent amortization expense was $6,500
How much was Somerset's net income?

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