Portions of the financial statements for Horizon Telecom are provided below. HORIZON TELECOM Income Statement For the year ended December 31, 2018 Revenues $ 614,000 Expenses: Cost of goods sold $ 362,000 Operating expenses 110,000 Depreciation expense 33,000 Income tax expense 54,500 Total expenses 559,500 Net Income $ 54,500 HORIZON TELECOM Selected Balance Sheet Data December 31, 2018 Increase in accounts receivable $ 5,100 Increase in inventory 11,000 Decrease in prepaid rent 9,900 Increase in operating expenses payable 6,500 Decrease in accounts payable 6,600 Increase in income tax payable 21,700 Required: Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the direct method.