Score: 1.5 of 2 pts 1 of 4 (4 complete) Hw Score: 65%, 6.5 of 10 pts Question Help S13-2 (similar to) Spectacular Corporation began the year with accounts receivable, inventory, and prepaid expenses totaling $68,000. At the end of the year, Spectacular had a total of $72,000 for these current assets. At the beginning of the year, it owed current liabilities of $43,000, and at year-end, current liabilities totaled $40,000. Net income for the year was $87,000. Included in net income was a $3,000 gain on the sale of land and depreciation expense of $8,000. Show how Spectacular should report cash flows from operating activities for the year. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted.) Spectacular Corporation Statement of Cash Flows Operating Activitios Section (Indirect Method) For the Year Ended Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities $ 87,000 Gain on sale of land $ (3,000) 8,000 4,000) ,000) | Increase in accounts receivable, inventory, and prepaid expenses Decrease in current liabilities Net cash provided by (used for) operating activites