Joe corporation:

Income Statement: Year 2

Net income $80,000

Depreciation expense 70,000

Amortization of patent 30,000

Gain on Sale of equipment 110,000

Balance Sheet: Dec 31, Year 2. De.31 Y1

Account recivable $720,000 $630,000

Inventory 860,000 800,000

Prepaid expenses 30,000 35,000

Accounts payable 660,000 630,000

Accured expenses payable. 430,000 440,000

Question:

Complete the partial stament of cash flows for the year eneded Decemeber 31, Year 2, showing the computation of net cash flows from OPERATING ACTIVITIES BY THE INDERECT METHOD