Question 5 of 5 View Policies Current Attempt in Progress Lily Company's income statement contained the following condensed information. LILY COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624,200 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income $969,000 55,500 25,000 704,700 264,300 39,700 $224,600 Lily's balance sheets contained the comparative data at December 31, shown below. 2022 2021 Accounts receivable $75,500 $61,000 Accounts payable 41,000 28,300 Income taxes payable 12,200 6,700 -/1 E Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).)