Portions of the financial statements for a company are provided below. Income Statement For the year ended December 31, Year 2 Net sales $1,550,000 Expenses: Cost of goods sold $950,000 Operating expenses 460,000 Depreciation expense 40,000 Income tax expense 30,000 Total expenses 1,480,000 Net Income $ 70,000 Selected Balance Sheet Data December 31 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable Year 2 $92,000 47,000 65,000 2,000 35,000 4,000 Year 1 $80,000 54,000 50,000 3,000 32,000 5,000 Increase (1) or Decrease (D) $12,000 (1) 7,000 (D) 15,000 (1) 1.000 (D) 3,000 (1) 1,000 (D) Required: Prepare the operating activities section of the statement of cash flows for the company using the Indirect method. (List cash outflows and any decrease in cash as negative amounts.) Statement of Cash Flows (partial)