Problem P13-5A, Prepare the operating activities section-indirect method. Financial Accounting, 7th Edition by Weygandt, Kieso, and Kimmel Solving Financial Accounting Problems Using Microsoft Excel for Windows by Rex A Schildhouse Problem P13-5A, Grania Company's income statement contained the condensed information below. GRANIA COMPANY Income Statement For the Year Ended December 31, 2011 \begin{tabular}{|l|r|r|} \hline Revenues & & $970,000 \\ \hline Operating expenses excluding depreciation & $624,000 & \\ \hline Depreciation Expense & 60,000 & \\ \hline Loss on Sale of Equipment & 16,000 & 700,000 \\ \hline Income Before Income Taxes & & 270,000 \\ \hline Income Tax Expense & & 40,000 \\ \hline Net income & & $230,000 \\ \hline \end{tabular} Grania's balance sheet contained the comparative data at December 31, shown below. \begin{tabular}{|l|r|r|} \cline { 2 - 3 } \multicolumn{1}{l|}{} & \multicolumn{1}{|c|}{2011} & \multicolumn{1}{c|}{2010} \\ \hline Accounts Receivable & $75,000 & $60,000 \\ \hline Accounts Payable & 41,000 & 28,000 \\ \hline Income Taxes Payable & 11,000 & 7,000 \\ \hline \end{tabular} Accounts payable pertain to operating expenses. Instructions: Prepare the operating activities section of the statement of cash flows using the indirect method. GRANIA COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2011 \begin{tabular}{|l|r|r|} \hline Cash flows from operating activities & & \\ \hline Title & & \\ \hline Adjustmentstoreconcilenetincometonetcashprovidedbyoperatingactivities & & \\ \hline Title & Amount \\ \hline Title & Amount \\ \hline Title & Amount \\ \hline Title & Amount & \\ \hline Title & Amount & Formula \\ \hline Net cash provided by operating activities & & Formula \\ \hline \end{tabular}