Print 1. Spectacular Corporation began the year with accounts receivable, inventory, and prepaid expenses totaling $65,000. At the end of the year, Spectacular had a total of $77,000 for these current assets. At the beginning of the year, it owed current liabil nd prepaid expenses totaling $65.. At the end of the year, Spectacular bal a total of Sreciati for these current assets. At the begin $45,000, and at year-end, current liabilities totaled $44,000. Net income for the year was $81,000. Included in net income was a $6,000 gain on the sale of land and depreciation expense of $10,000. Show how Spectacular should report cash flows from operating activities for the year. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted.) Spectacular Corporation Statement of Cash Flows-Operating Activities Section (Indirect Method) For the Year Ended Cash flows from operating activities: Adjustments to reconcile net income to net cash provided by operating activities: (2) (3) Net cash provided by used for) operating activities (1) O O Decrease in accounts receivable, inventory, and prepaid expenses O Decrease in current liabilities Depreciation O Gain on sale of land O Increase in accounts receivable, inventory, and prepaid expenses O Increase in current liabilities Net income (2) O O Decrease in accounts receivable, inventory, and prepaid expenses O Decrease in current liabilities Depreciation O Gain on sale of land O Increase in accounts receivable, inventory, and prepaid expenses O Increase in current liabilities Net income (3) O Decrease in accounts receivable, inventory, and prepaid expenses Decrease in current liabilities Depreciation O Gain on sale of land Increase in accounts receivable, inventory, and prepaid expenses O Increase in current liabilities O Net income (4) O O Decrease in accounts receivable, inventory, and prepaid expenses O Decrease in current liabilities Depreciation O Gain on sale of land O Increase in accounts receivable, inventory, and prepaid expenses Increase in current liabilities Net income (5) O O Decrease in accounts receivable, inventory, and prepaid expenses O Decrease in current liabilities Depreciation O Gain on sale of land O Increase in accounts receivable, inventory, and prepaid expenses Increase in current liabilities O Net income