Presented below are the financial statements of Rewaq Company.BALANCE SHEETS Dec. 31, 2023Dec. 31, 2022Cash$408,000$192,000Accounts Receivable360,000216,000Inventory384,000480,000Property, plant and equipment608,000960,000Less: accumulated depreciation(320,000)(304,000)Total Assets$1,440,000$1,544,000Accounts Payable$176,000$96,000Income Tax Payable352,000392,000Bonds Payable360,000600,000Common Stock216,000216,000Retained Earnings336,000240,000Total Liabilities & SHE$1,440,000$1,544,000 INCOME STATEMENTFor the Year Ended December 31, 2023Sales revenue$8,448,000Cost of Goods Sold7,152,000Gross Profit1,296,000Operating Expenses792,000Income from Operations504,000Interest Expense72,000Loss on Sale of Equipment48,000Income Before Taxes384,000Income Tax Expense96,000Net Income$288,000 The following additional data is provided:a) Dividends for the year 2023 were $192,000.b) During the year, equipment was sold for $240,000. This equipment cost $352,000 originally and had a book value of $288,000 at the time of sale.c) Depreciation expense is $80,000 included in the operating expenses. Based on the above information, determine the cash paid for operating expenses under the direct method.