Klumb Properties, Inc. Statement of Cash Flows--Indirect Method Cash Flows from Operating Activites For Year Ended, December 31, 2020 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to cash flows from operating activities: Depreciation Gain on disposal of equipment Increase in Accounts Receivable Decrease in Inventories Decrease in PrePaid Expenses Decrease in Accounts Payable Decrease in Income Taxes Payable Net Cash Flows from Operating Activities \begin{tabular}{|l|} \hline \\ \hline \\ \hline \\ \hline$ \\ \hline \\ \hline \end{tabular} Use the attached worksheet to prepare a Statement of Cash Flows from Operating Activities section of the statement of cash fiows using the Indirect Method. The income Statement disclosed the following items for 2020: Depreciation Expense - $57,600 Gain on Disposal of Equipment - $33,600 Net Income - $508,000 Balances of the current assets and current liability accounts changed between December 312019 and December 31, 2020, as follows: Accounts Recelvable .. $8,960 increase Inventory $5,120 decrease Prepaid Expenses - $1,920 decrease Accounts Payable - $6,080 decrease Income Taxes Payable - $1,410 increase