Grania Company's income statement contained the condensed information below. GRANIA COMPANY Income Statement For the Year Ended December 31, 2008 Revenues $970,000 Operating expenses, excluding depreciation $624,000 Depreciation expense 60,000 Loss on sale of equipment 16,000 700,000 Income before income taxes 270,000 Income tax expense 40,000 Net income $230,000 Grania's balance sheet contained the comparative data at December 31, shown below. 2008 2007 Accounts receivable $75,000 $60,000 Accounts payable 41,000 28,000 Income taxes payable 11,000 7,000 Accounts payable pertain to operating expenses. Instructions Complete the operating activities section of the statement of cash flows using the indirect method. (List multiple entries with a positive cash flow first and then the negative cash flow. List amounts from largest to smallest eg 10, 5, 3, 2. If amount decreases cash flow, use either a negative sign preceding the number eg -45 or parentheses eg (45).)