SUNSET TELECOM Income Statement For the Year Ended December 31, 2024 Revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net Income SUNSET TELECOM Selected Balance Sheet Data December 31, 2024 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable Required: $370,000 120,000 32,000 $610,000 44,000 566,000 $ 44,000 $6,000 13,000 9,000 5,000 8,000 20,000 Prepare the operating activities section of the statement of cash flows for Sunset Telecom using the indirect method. (Amounts to be deducted and negative values should be indicated by a minus sign.) SUNSET TELECOM Statement of Cash Flows For the year ended December 31, 2024 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities