Norman NV's income statement for the year ended December 31, 2019, contained the following condensed information.

Norman's statement of financial position contained the following comparative data at December 31.

(Accounts payable pertains to operating expenses.)
Instructions
Prepare the operating activities section of the statement of cash flows using the direct method.

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Service revenue €840,000 Operating expenses (excluding depreciation) €624,000 Depreciation expense 60,000 Loss on sale of equipment 26,000 710,000 Income before income taxes 130,000 Income tax expense 40,000 € 90,000 Net income 2018 2019 Accounts receivable €37,000 €59,000 Accounts payable Income taxes payable 4,000 46,000 31,000 8,500