The net income for Howie Doohan Corporation was $280 million for the year ended December 31, 2018. Related information follows: Sale of common stock for cash, $34 million. Amortization of trademark, $2 million. Cash dividends paid, $28 million. Decrease in salaries payable, $2 million. Depreciation expense, $40 million. Increase in accounts payable, $18 million. Increase in bonds payable, $26 million. Net cash flows from operating activities during 2018 should be reported as:

$338 million

Explanation:

               Partial Statement of Cash Flows

                 For the Year Ended December 31, 2018

Cash Flows from Operating Activities:    

Net income                                                             $280 million  

Adjustments      

Depreciation expense                            $40 million    

Amortization of trademark                        $2 million    

Increase in accounts payable             $18 million    

Less: Decrease in salaries payable      $2 million  $58 million

Net cash provided by operating activities                 $338 million        

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