PROBLEM I (15 Marks) The Income Statement of Gum San Itd., a private company following ASPE, is presented here: GUM SAN LTD INCOME STATEMENT Year Ended December 31, 2020 Sales Cost of Goods Sold Gross Profit Operating expenses Income from Operations Interest expense Income before Income Tax Income tax expense Net Income $4,500,000 2,390,000 2.111,000 1.070,000 1,040,000 12,000 1,028,000 260,000 $ 768,000 Additional Information: 1. Operating expenses include $150,000 of depreciation expense and a $12,000 gain on disposal of equipment. 2. Accounts Receivable increased by $500,000. 3. Inventory decreased by $220,000. 4. Prepaid expenses related to operating expenses increased by $170,000 5. Accounts Payable to suppliers of merchandise increased by $50,000. 6. Accrued Liabilities related to operating expenses decreased by $165,000. 7. Interest Payable increased by $5,000. 8. Unearned revenue that is received from customers increased by $8,000. 9. Income tax payable decreased by $16,000. Instructions: Prepare the Operating Activities Section of the statement of cash flows, using the INDIRECT METHOD