Portions of the financial statements for a company are provided below. Income Statement For the year ended December 31, Year 2 Net sales $1,600,000 Expenses: Cost of goods sold $970,000 Operating expenses 489,00 Depreciation expense Income tax expense 32.000 Total expenses 1,524,000 Net income $ 76,000 42.000 Selected Balance Sheet Data December 31 Increase (I) Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable Year 2 $94.000 46,800 67,000 2,200 37.000 4,200 Year 1 $81,000 53,00 51,000 3,400 33,000 6,000 Decrease (0) $13,000 (I) 6,200 (D) 16.0 16,000 (1) 1.200 (D) 4,000 (1) 1,800 (D) CEGBOSS Renntrarl 7 of 8 9 o search ote 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.) For the Year Ended December 31 Year Cashflows from operating activities cash flows from operating activities Nel catw o operating activities Next >