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Portions of the financial statements for Horizon Telecom are provided below. HORIZON TELECOM Income Statement For the year ended December 31, 2021 Revenues $619,000 Expenses: Cost of goods sold $368,000 Operating expenses 117,000 Depreciation expense 29,000 Income tax expense 52,500 Total expenses 566,500 Net Income $ 52,500 HORIZON TELECOM Selected Balance Sheet Data December 31, 2021 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $ 4,900 11,500 10,100 5,500 6,100 20,500 Required: Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the direct method. (Amounts deducted should be indicated with a minus sign.) HORIZON TELECOM Statement of Cash Flows (partial) For the year ended December 31, 2021 Cash Flows from Operating Activities $ 52, SUU Net Income HORIZON TELECOM Selected Balance Sheet Data December 31, 2021 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $ 4,900 11,500 10,100 5,500 6,100 20,500 Required: Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the direct metho deducted should be indicated with a minus sign.) HORIZON TELECOM Statement of Cash Flows (partial) For the year ended December 31, 2021 Cash Flows from Operating Activities Net cash flows from operating activities Portions of the financial statements for Horizon Telecom are provided below. HORIZON TELECOM Income Statement For the Year Ended December 31, 2021 Revenues $617,000 Expenses: Cost of goods sold $364,000 Operating expenses 118,000 Depreciation expense 33,000 Income tax expense 51,000 Total expenses 566,000 Net Income $ 51,000 HORIZON TELECOM Selected Balance Sheet Data December 31, 2021 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $ 4,800 11,900 10,300 6,500 6,600 21,400 Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the indirect method. (Am deducted and negative values should be indicated by minus sign.) HORIZON TELECOM Statement of Cash Flows For the year ended December 31, 2021 Cash Flows from Operating Activities Adustments to reconcinnat innmn to net cash flows from onerating activities: Saved en account EU VOULU Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable GUU 11.900 10,300 6,500 6,600 21,400 Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the indirect method. (Amounts t deducted and negative values should be indicated by minus sign.) HORIZON TELECOM Statement of Cash Flows For the year ended December 31, 2021 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities