Exercise 23-06 Headland Company's income statement for the year ended December 31, 2020, contained the following condensed information. $843,000 Service revenue Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $622,000 60,000 26,000 708,000 135,000 40,000 $95,000 Headland's balance sheet contained the following comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2020 $36,000 43,000 4,200 2019 $55,000 33,000 8,200 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) HEADLAND COMPANY Statement of Cash Flows (Partial) Adjustments to reconcile net income to Cash at Beginning of Period Cash at End of Period Cash Flows from Financing Activities Cash Flows from Investing Activities Cash Flows from Operating Activities Net Cash Provided by Financing Activities Net Cash Provided by Investing Activities Net Cash Provided by Operating Activities Net Cash Used by Financing Activities Net Cash Used by Investing Activities Net Cash Used by Operating Activities Net Decrease in Cash Net Increase in Cash