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Madden Corporation’s controller has gathered the following information as a basis for preparing the statement of cash flows. Net income for the current year was $82,000. During the year, old equipment with a cost of $60,000 and a net carrying amount of $53,000 was sold for cash at a gain of $10,000. New equipment was purchased for $100,000. Shown below are selected closing balances for last year and the current year.
..................................... Last Year..... Current Year
Cash................................ $ 39,000...... $ 85,000
Accounts receivable net......... 43,000........ 37,000
Inventories ..........................93,000 ........105,000
Equipment........................... 360,000....... 400,000
Acc depreciation equipment .....70,000........ 83,000
Accounts payable.................... 22,000 ........19,000
Notes payable........................ 100,000..... 100,000
Common stock ........................250,000..... 250,000
Retained earnings ...................93,000...... 175,000
Madden’s net cash flow from operating activities for the current year is