1 . Lake Norman Company reported net income of $ 2 25, 000 for the current year . Depreciation recorded on buildings and equipment amounted to $ 75, 000 for the year . Balances of the current asset and current liability accounts at the beginning and end of the year are as follows : End of Year Beginning of Year $ 20,000 $ 15, 00 0 ACCOUNTS receivable 22, 000 32, 00 0 Inventory 50, 000 50, OOD ACCOUNTS payable* 12, 000 18, OOD 3 . Instructions Prepare the cash flows from the operating activities section of the statement of cash flows using the indirect method