A comparative balance sheet and income statement is shown for Fantastic Company (2018, 2019),2019 2018 Fantastic Company Comparative Balance Sheets are December 31, 2019 2019 Assets Cash $ 89,000 Accounts receivable, net 38,200 Inventory 80,000 Prepaid expenses 4,900 Total current assets 212,100 Furniture 98,800 Accum. depreciation-Furniture (15,300) Total assets $295,600 Liabilities and Equity Accounts payable $ 13,900 Wages payable 8,200 Income taxes payable 1,400 Total current liabilities 23,500 Notes payable (long-term) 28,900 Total liabilities 52,400 Equity Common stock, $5 par value 215,000 Retained earnings 28,200 Total liabilities and equity $295,600 $ 22,100 46,900 88,000 4,000 161,000 113,300 (8,600) $265,700 $ 19,600 4,600 2,600 26,800 69,000 95,800 169,100 800 $265,700 Fantastic Company Income Statement & For Year Ended December 31, 2019 Sales $454,900 Cost of goods sold 292,800 Gross profit 162, 100 Operating expenses Depreciation expense $35,000 Other expenses 83,000 118,000 Income before taxes 44,100 Income taxes expense 16,000 Net income $ 28,100 292,800 162,100 Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $35,000 83,000 118,000 44,100 16,000 $ 28,100 Required: Use the Indirect method to prepare the operating activities section of the statement of cash flows. 2009-14 Operating ,(,) (Amounts to be deducted should be indicated with a minus sign. 70988 A-5) Cash flows from operating activities Adjustments to reconcile net income to operating cash flow Income statement items not affecting cash Changes in current operating assets and liabilities