Novak Corp.s income statement contained the following condensed information.

Novak Corp. Income Statement For the Year Ended December 31, 2020
Service revenue				$971,100
Operating expenses, excluding depreciation		$624,100
Depreciation expense		54,000
Loss on disposal of plant assets		24,900		703,000
Income before income taxes				268,100
Income tax expense				40,000
Net income				$228,100

Novaks balance sheets contained the comparative data at December 31, shown below.

		2020		2019
Accounts receivable		$75,200		$60,400
Accounts payable		40,000		28,400
Income taxes payable		12,700		7,700

Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

Novak Corp. Partial Statement of Cash Flows For the Year Ended December 31, 2020 V Cash Flows from Operating Activities Net Income $ 228100 Adjustments to reconcile net income to Net Cash Provided by Operating Activities Depreciation Expense $ 54000 Loss on disposal of Plant Assets 24900 Increase in Accounts Payable Increase in Accounts Receivable V Increase in Income Taxes Payable V Net Cash Provided by Operating Activities $