Richard Company prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2022 year was $620,000. Depreciation and amortization expense of $50,000 was included with operating expenses in the income statement.

The following information describes the changes in current assets and current liabilities other than cash: Increase in accounts receivable $12,000 Decrease in inventories 1,200 Increase in prepaid expenses 6,500 Decrease in salaries payable 8,000 Increase in income taxes payable 4,000

Required: Prepare the operating activities section of the 2022 statement of cash flows.