Flounder Company's income statement for the year ended December 31, 2020, contained the following condensed information Service revenue $848,000 Operating expenses (excluding depreciation) $622,000 Depreciation expense 59,000 Loss on sale of equipment 25,000 706,000 Income before income taxes 142,000 Income tax expense 40,000 Net income $102,000 Flounder's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable Accounts payable $38,000 $53,000 41,000 31,000 3.800 8,500 Income taxes payable (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. FLOUNDER COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 - Cash Flows from Operating Activities 848000 Cash Receipts from Customers Cash Payments for Operating Expenses $ (622000) 226000 Interest Paid (44700) 181300 Net Cash Provided by Operating Activities eTextbook and Media Attempts: 1 of 3 used Repeat with New Values