Baker Co. began its operations during the current year.
The following is Baker's Balance Sheet at December 31:
Baker Co. Balance Sheet Assets Cash $192,000
Accounts receivable 82,000 Total Assets $274,000
Liabilities and stockholders' equity Accounts payable $ 24,000
Common stock 200,000
Retained earnings 50,000
Total liabilities and stockholders' equity $274,000
Baker's net income for the current year was $78,000, and dividends of $28,000 were declared and paid. Common stock was issued for $200,000. What amount should Baker report as cash provided by operating activities in its Statement of Cash Flows for the current year?
a. $20,000
b. $50,000
c. $192,000
d. $250,000