Exercise 9-14 Wildhorse Ltd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below WILDHORSE LTD. Year Ended November 30, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of equipment Profit before income tax Income tax expense $729,960 377,300 352,660 $238,700 38,500 (7,700) 269,500 -83,160 23,100 $60,060 urrent liabili Accounts receivable Prepaid expenses Accounts payable Dividends payable Income taxes payable $27,720 decrease 14,630 increase 1,540 ncrease 9,240 decrease 3,850 decrease 3,080 decrease Prepare the operating activities section of the cash flow statement using the direct method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).)