Boehning Corporation's balance sheet and income statement appear below:

Boehning Corporation's balance sheet and income statement appear below:

Comparative Balance Sheet
End Balance                Beg Balance
Assets:
Cash and cash equivalents                               25                                22
Accounts receivable                                        53                                48
Inventory                                                         50                                56
Plant and equipment                                        532                              430
Accumulated depreciation                               -285                             -261
Total assets                                                      375                              295

Liabilities and stockholders' equity:
Accounts payable                                            39                                38
Wages payable                                                             20                                24
Taxes payable                                                  10                                9
Bonds payable                                                             71                                100
Deferred taxes                                                             15                                19
Common stock                                                            82                                80
Retained earnings                                            138                              25
Total liabilities and stockholders' equity                      375                              295

Income Statement
Sales                                                    $954
Cost of goods sold                               606
Gross margin                                       348
Selling and administrative expense      162
Net operating income                           186
Gain on sale of plant and equipment   10
Income before taxes                            196
Income taxes                                       59
Net income                                          137

Cash dividends were $24. The company sold equipment for $ 10 that was originally purchased for $4 and that had accumulated depreciation of $4.

Required:
Using the direct method, deter -mine the net cash provided by (used by) operating activities.
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