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E23.4 (LO 2,3) (Preparation of Operating Activities Section-Direct Method) Data for the Vince Gill Company are presented in E23.3. Instructions Prepare the operating activities section of the statement of cash flows using the direct method. E23.3 (LO 2,3) Excel (Preparation of Operating Activities Section-Indirect Method, Periodic Inventory) The income statement of Vince Gill Company is shown below. Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $275,000 during the year. 4. Accrued expenses payable decreased $100,000 during the year. 5. Administrative expenses include depreciation expense of $60,000