Concord Limited had the following financial statements: Concord Limited Comparative Statement of Financial Position As at December 31 (1) 12023 Cash $12,000$7,800 Accounts receivable 9,4007,000 Inventory 13,2009,400 Prepaid insurance Equipment 2,ROO1,600 \begin{tabular}{l|ll} Accumulated depreciation-equipment & (13,000) & (14,200) \\ \hline Total assets & $44,000 & $38,400 \\ \hline \end{tabular} Accounts payable $4,000$5,400 Salaries and wages payable 1,6001,600 Income tax payable 2,400800 Bank loans 0.7,000 Common shares 12,00012,000 Retained earnings 24,00011,600 Additional information: - Equipment that cost $6,400 was sold for the carrying amount of $3,000. - Dividends declared and paid were $8,000. Prepare the operating activities section of a statement of cash flows using the direct method. (Show amounts that di with either a-sign e.g. 15,000 or in parenthesis e.g. (15,000).)