Do not give image format For the year just completed, Hanna Company had net income of $96,500. Balances in the company's current asset and current liabilityaccounts at the beginning and end of the year were as follows:Current assets:Cash and cash equivalentsAccounts receivableInventoryPrepaid expensesCurrent liabilities:Accounts payableAccrued liabilitiesIncome taxes payableDecember 31End of Year$ 59,000$ 164,000$ 442,000$ 11,500$362,000$ 8,000$ 35,000Beginning ofYear$ 84,000$ 182,000$ 349,000$ 14,500$ 396,000$ 13,000$ 26,000The Accumulated Depreciation account had total credits of $40,000 during the year. Hanna Company did not record any gains orlosses during the year.Required:Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cashoutflows as negative amounts.)Hanna CompanyStatement of Cash Flows-Indirect Method (partial)

Statement of cash flows is prepared to calculate the cash inflows and outflows of the company during…

Current assets: Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Current liabilities: Accounts payable Accrued liabilities Income taxes payable V End of Year $ 59,000 $164,000 $ 442,000 $ 11,500 $362,000 $ 8,000 $ 35,000 Year $ 84,000 $ 182,000 $ 349,000 $ 14,500 $ 396,000 $ 13,000 $ 26,000 The Accumulated Depreciation account had total credits of $40,000 during the year. Hanna Company did not record any gains or losses during the year. Required: Using the indirect method, determine the net cash provided by operating activities for the year. (List any deduction in cash and cash outflows as negative amounts.)