Statement of Financial Position (partial) December 31 \\( 2021 \\quad 2020 \\) Current assets Accounts receivable Inventory Prepaid expenses Current liabilities Accounts payable Income tax payable Property tax payable Bank loan payable-current portion \\( \\begin{array}{rr}\\$ 7,800 & \\$ 11,800 \\\\ 5,600 & 4,200 \\\\ 4,000 & 2,600\\end{array} \\) \\( \\begin{array}{rr}3,500 & 2,800 \\\\ 1,200 & 800 \\\\ 2,500 & 1,000 \\\\ 5,400 & 10,000\\end{array} \\) CULLUMBER LTD. Statement of Income Year Ended December 31, 2021 \\begin{tabular}{lr} Sales & \\( \\$ 195,000 \\) \\\\ Cost of goods sold & 113,000 \\\\ \\cline { 2 - 2 } Gross profit & 82,000 \\\\ Operating expenses & 60,000 \\\\ \\cline { 2 - 2 } Income from operations & 22,000 \\\\ Interest expense & 1,700 \\\\ Income before income tax & 20,300 \\\\ Income tax expense & \\( \\$ 16,400 \\) \\end{tabular} Additional information: 1. The bank loan was received in the past to finance the purchase of equipment. 2. Operating expenses included depreciation expense of \\( \\$ 11,500 \\) and a loss of \\( \\$ 5,600 \\) on the disposal of equipment. Prepare the operating activities section of the statement of cash flows, using the direct method. Statement of Financial Position (partial) December 31 \\( 2021 \\quad 2020 \\) Current assets Accounts receivable Inventory Prepaid expenses Current liabilities Accounts payable Income tax payable Property tax payable Bank loan payable-current portion \\( \\begin{array}{rr}\\$ 7,800 & \\$ 11,800 \\\\ 5,600 & 4,200 \\\\ 4,000 & 2,600\\end{array} \\) \\( \\begin{array}{rr}3,500 & 2,800 \\\\ 1,200 & 800 \\\\ 2,500 & 1,000 \\\\ 5,400 & 10,000\\end{array} \\) CULLUMBER LTD. Statement of Income Year Ended December 31, 2021 \\begin{tabular}{lr} Sales & \\( \\$ 195,000 \\) \\\\ Cost of goods sold & 113,000 \\\\ \\cline { 2 - 2 } Gross profit & 82,000 \\\\ Operating expenses & 60,000 \\\\ \\cline { 2 - 2 } Income from operations & 22,000 \\\\ Interest expense & 1,700 \\\\ Income before income tax & 20,300 \\\\ Income tax expense & \\( \\$ 16,400 \\) \\end{tabular} Additional information: 1. The bank loan was received in the past to finance the purchase of equipment. 2. Operating expenses included depreciation expense of \\( \\$ 11,500 \\) and a loss of \\( \\$ 5,600 \\) on the disposal of equipment. Prepare the operating activities section of the statement of cash flows, using the direct method