Portions of the financial statements for a company are provided below. Income Statement For the year ended December 31, Year 2 Net sales $1,650,000 Expenses: Cost of goods sold $990,000 Operating expenses 500,000 Depreciation expense 44,000 Income tax expense 34,000 Total expenses 1,568,000 Net income $ 82,000 Selected Balance Sheet Data December 31 Increase (I) or (D) Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable Year 2 $96,000 46,600 69,000 2,400 39,000 4,400 Year 1 $82,000 52,000 52,000 3,800 34,000 7,000 Decrease (D) $14,000 (I) 5,400 17,000 (I) 1,400 (D) 5,000 (I) 2,600 (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) For the Year Ended December 31, Year 2 Cash flows from operating activities: Adjustments to reconcile net income to net cash flows from operating activities: D Net cash flows from operating activities