Norman Company's income statement for the year ended December 31,2010, contained the following condensed information.

Revenue from fees $840,000

Operating expenses (excl. depreciation) $624,000

Depreciation expense 60,000

Loss on sale of equipment

26,000

710,000

Income before taxes 130,000

Income tax expense

40,000

Net income

$90,000

Norman's balance sheet contained the following comparative data atDecember 31.

2010 2009

Accounts receivable $37,000 $59,000

Accounts payable 46,000 31,000

Income taxes payable 4,000 8,500

(Accounts payable pertains to operating expenses.)

Instructions

Complete the operating activities section of the statement of cashflows using the indirect method.