The following information is from Mabel Co.'s year-end financial statements for the current and previous years:
Current Year Previous Year
Prepaid expenses $10,000 $20,000
Accounts payable $50,000 $30,000
Land $250,000 $600,000
Land was sold during the current fiscal year for cash resulting in a loss of $40,000. What is Mabel's net adjustment to net income to determine net cash from operating activities?
A) ($70,000)
B) $0
C) $30,000
D) $70,000