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 480,000 Depreciation expense 42,000 Income tax expense 32,000 Total expenses 1,524,000 Net income $ 76,000 Selected Balance Sheet Data December 31 Increase (1) or Year 2 Year 1 Decrease (D) Cash $94,000 $81,000 $13,000 (1) Accounts receivable 46,800 53,000 6,200 (0) Inventory 67,000 51,000 16,000 (1) Prepaid rent 2,200 3,400 1,200 (D) Accounts payable 37,000 33,000 4,000 (1) Income tax payable 4,200 6,000 1,800 (D) Required: Prepare the operating activities section of the statement of cash flows for the company using the direct method. (List cash outflows and any decrease in cash as negative amounts.) Required: Prepare the operating activities section of the statement of cash flows for the company using the direct 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: Net cash flows from operating activities $ 0