Novak Company's income statement for the year ended December 31, 2020, contained the following condensed information. Service revenue Operating expenses (excluding depreciation) $622,000 Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income $843,000 60,000 26,000 708,000 135,000 40,000 $95,000 Novak's balance sheet contained the following comparative data at December 31. 2020 2019 Accounts receivable $36,000 $55,000 Accounts payable 43,000 33,000 Income taxes payable 4,200 8,200 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. Cash Flows from Operating Activities NOVAK COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash Receipts from Customers Cash Payments for Operating Expenses V $ Cash Payments for Income Taxes Net Cash Provided by Operating Activities