The net income for Blue Water Corporation was $140 million for the year ended December 31, 2006. Related

information follows:

Amortization of patent, $1 million.

Cash dividends paid, $14 million.

Decrease in accounts receivable, $9 million

Decrease in salaries payable, $1 million.

Depreciation expense, $20 million.

Increase in long-term notes payable, $13 million.

Sale of preferred stock for cash, $17 million.

Cash flows from operating activities during 2006 should be reported as:

$151 million

169 million

171 million

182 million

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