Curwen Inc. reported net cash flow from operating activities of $145,700 on its statement of cash flows for a recent year ended December 31. The following information was reported in the Cash flows from operating activities section of the statement of cash flows, using the indirect method: Decrease in income taxes payable $2,900 Decrease in inventories 7,300 Depreciation 11,200 Gain on sale of investments 5,000 Increase in accounts payable 2,000 Increase in prepaid expenses 1,200 Increase in accounts receivable 5,500 a. Determine the net income reported by Curwen Inc., for the year ended December 31.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Curwen Inc. reported net cash flow from operating activities of $145,700 on its statement of cash flows for a recent year ended December 31. The following information was reported in the Cash flows from operating activities section of the statement of cash flows, using the indirect method:

Decrease in income taxes payable $2,900
Decrease in inventories 7,300
Depreciation 11,200
Gain on sale of investments 5,000
Increase in accounts payable 2,000
Increase in prepaid expenses 1,200
Increase in accounts receivable 5,500

a. Determine the net income reported by Curwen Inc., for the year ended December 31.

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