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Problem - The net income reported on the income statement for the current year was $1387000. Depreciation recorded on plant assets was $262000. Accounts receivable and inventories increased by $73000 and $49000, respectively. Prepaid expenses and accounts payable decreased by $6000 and $67000, respectively. How much cash was provided by operating activities?
(A) $1466000
(B) $1832000
(C) $1408000
(D) $1530000
Year-end adjusting entries have been recorded and posted, and the business's revenue and expense accounts are provided here. What closing entry is recorded?
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