Problems - 42 points Show your work to be eligible for partial credit 50. The income statement of Electra Corporation is shown below, along with information about selected balance sheet accounts. a. Prepare the operating activities section of the statement of cash flows using the direct method. Write your answer on a separate sheet of paper. Elektra Corporation Income statement for the year ended 12/31/2019 Sales $ 2,175 Cost of goods sold Gross margin 1,278 Depreciation expense $ 300 Rent expense 240 Insurance expense 94 Gain on sale of building 27 Net operating expenses 607 Operating income Interest expense Income before income taxes Income tax expense Net income $ 480 897 Change $ 37 76 651 Accounts receivable Inventory Prepaid insurance expense Accounts payable Rent payable Interest payable Income tax payable Long-term bonds payable Less: Bond discount 12/31/19 $ 578 1,258 52 658 19 23 261 900 (20) 12/31/18 $ 541 1.182 60 723 0 29 228 900 (23)