Krauss Companys income statement for the year ended December 31, 2008, contained the following condensed information. Revenue from fees $840,000 Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income 2007 $624,000 60,000 26,000 710,000 130,000 40,000 $ 90,000 Krausss balance sheet contained the following comparative data at December 31. 2008 Accounts receivable Accounts payable Income taxes payable (Accounts payable pertains to operating expenses.) Instructions Prepare the operating activities section of the statement of cash flows using the direct method. Data for Krauss Company are pre- sented in EB-9. Instructions Prepare the operating activities section of the statement of cash flows using the indirect method.