1. Spectacular Corporation began the year with accounts receivable, inventory, and prepaid expenses totaling $66,000. At the end of the year, Spectacular had a total of $79,000 for these current assets. At the beginning of the year, it owed current of $48,000, and at year-end, current liabilities totaled $46,000. Net income for the year was $68,000. Included in net income was a $5,000 gain on the sale of land and depreciation expense of $10,000 Show how Speclacular should report cash flows from operating activilies for the year. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be sublracled.) Spectacular Corporation Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended Cash flows from operating activities: (1) Adjustments to reconcile net income to net cash provided by operating activities: (4) (5) Net cash provided by (used for) operating activities (1) O Decrease in accounts receivable, inventory, and prepaid expenses Decrease in current liabilities O Depreciation O Gain on sale of land Increase in accounts receivable, inventory, and prepaid expenses Increase in current liabilities Net income (2) O O Decrease in accounts receivable, inventory, and prepaid expenses O Decrease in current liabilities Depreciation O Gain on sale of land O Increase in accounts receivable, inventory, and prepaid expenses Increase in current liabilities Net income (3) O O Decrease in accounts receivable, inventory, and prepaid expenses O Decrease in current liabilities Depreciation O Gain on sale of land O Increase in accounts receivable, inventory, and prepaid expenses O Increase in current liabilities Net income (4) O O Decrease in accounts receivable, inventory, and prepaid expenses O Decrease in current liabilities O Depreciation O Gain on sale of land Increase in accounts receivable, inventory, and prepaid expenses Increase in current liabilities O Net income (5) O O Decrease in accounts receivable, inventory, and prepaid expenses O Decrease in current liabilities Depreciation O Gain on sale of land Increase in accounts receivable, inventory, and prepaid expenses O Increase in current liabilities Net income