The net income for Mountain Corporation was $4,000,000 for the year ended December 31, 2007. Additional information is as follows:
|
Depreciation on fixed assets |
$2,000,000 |
|
Proceeds from sale of land |
200,000 |
|
Increase in accounts payable |
300,000 |
|
Dividends on preferred stock |
400,000 |
The net cash provided by operating activities in the statement of cash flows for the year ended December 31, 2007 should be
a. $6,000,000
b. $6,100,000
c. $6,300,000
d. $6,500,000