Please show work

The income statement of Jetty Inc. for the year ended December 31, 2005, reported the following condensed information: Jetty's balance sheet contained the following comparative data at December 31: Jetty has no depreciable assets. Accounts payable pertains to operating expenses. Revenue from fees Operating expenses Income from Operations Income Tax Expense Net Income $600,000 $360,000 $240,000 $ 60,000 $180,000 Accounts Receivable Accounts Payable Income Taxes Payable 2005 $ 50,000 $ $ 37,000 $ $ 6,000 $ 2004 65,000 41,000 3,000 Instructions Prepare the operating activities section of the statement of cash flows using the direct method