Preparation of statement of cash flows operating activities (26 points) Snohomish Corporation's comparative financial statements and supporting information included the following amounts for the year ended December 31, 2020: Depreciation expense $102,000 Loss on sale of fixed assets 38,000 Decrease in fixed assets 155,000 Proceeds from bank borrowing 34,000 Increase in accounts receivable 37,000 Income tax expense 300,000 Decrease in accounts payable 42,000 Purchase of patent 41,000 Sales revenue 2,420,000 Decrease in inventory 65,000 Selling and general expenses 430,000 Increase in taxes payable 19,000 Cost of goods sold 830,000 Net income 720,000

B. In good form, prepare the operating activities section of the statement of cash flows using the direct method.