CONCORD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,030,000 Cost of goods sold Beginning inventory $2,030,000 Purchases 4,310,000 6,340,000 1,690,000 Goods available for sale Ending inventory Cost of goods sold Gross proft 4,650,000 2,380,000 Operating expenses Selling expenses 470,000 Administrative expenses 730,000 1,200,000 Net income $1,180,000 Additional information: 1. 2. Accounts receivable decreased $280,000 during the year. Prepaid expenses increased $170,000 during the year. Accounts payable to suppliers of merchandise decreased $270,000 during the year. Accrued expenses payable decreased $130,000 during the year. 3 3. 5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Concord Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign eg. -15,000 or in parenthesis eg. (15,000.) CONCORD COMPANY Statement of Cash Flows (Partial) Adjustments to reconcile net income to c $ C