The Statements of Financial Position for King Lear Corp During 2020, Land Was Acquired in Exchange for Common Shares

The statements of financial position for King Lear Corp. at the end of 2020 and 2019 are as follows:
$\begin{array}{ll}\text{} & 2020 \quad \quad \quad 2019 & \\\text{Cash ......................................................................................... } & \text{\$75,000 \quad 105,000} \\\text{Accounts receivable (net) ..........................................................} & \text{\$180,000 \quad135,000} \\\text{Merchandise inventory..............................................................} & \text{\$210,000 \quad 135,000} \\\text{Prepaid expenses.......................................................................} & \text{\$30,000 \quad 75,000} \\\text{Land..........................................................................................} & \text{\$270,000 \quad 120,000} \\\text{Buildings and equipment...........................................................} & \text{\$270,000 \quad 225,000} \\\text{Accumulated depreciation - buildings and quipment.................} & \text{\$(54,000 ) \quad (24,000) } \\\text{Total Assets..............................................................................} & \text{\$(981,000) \quad (771,000) } \\ \text{} & \quad \quad \quad & \\\text{Accounts payable ...................................................................... } & \text{\$204,000 \quad 165,000} \\\text{Salaries Payable.........................................................................} & \text{\$36,000 \quad54,000} \\\text{Notes Payable - long- term ......................................................} & \text{\ \quad \quad \quad \quad 120,000} \\\text{Mortgage Payable.......................................................................} & \text{\$90,000 \quad } \\\text{Common shares ...............................................................} & \text{\$627,000 \quad 477,000} \\\text{Retained earning ( deficit ) ...........................................................} & \text{\$270,000 \quad 225,000} \\\text{Accumulated depreciation - buildings and quipment.................} & \text{\$24,000 \quad (45,000) } \\\text{Total Liabilities and Shareholders Equite ...... .....................} & \text{\$981,000 \quad 771,000 } \\\end{array}$

During 2020, land was acquired in exchange for common shares (which had a market value of $ 150,000 at the time) . All equipment purchased was for cash. Equipment costing $ 15,000 was sold for $ 6,000 cash; book value of the equipment at the time of sale was $ 12,000, and the loss was included in net income. Cash dividends of $ 30,000 were declared and paid during the year. King adheres to ASPE and uses the indirect method when preparing the statement of cash flows. The cash provided by operating activities for calendar 2020 was

A) $ 72,000.
B) $ 78,000.
C) $ 84,000.
D) $ 99,000.