The current assets and liabilities sections of the comparative balance sheets of Sandhill Inc., a private entity reporting under ASPE, at December 31 are presented below, along with the income statement: SANDHILL INC. Comparative Balance Sheet Accounts 2021 2020 Cash $86,130 $91,350 Accounts receivable 55.680 35.670 28,275 40,020 6,525 5.046 37.410 31.320 Inventory Prepaid expenses Accounts payable Accrued expenses payable Dividends payable Income taxes payable 4.350 6,960 20,880 14.790 5.916 10,266 SANDHILL INC. Income Statement Year Ended December 31, 2021 Sales $543,750 Cost of goods sold 339,300 Gross profit 204.450 $76,560 20.010 Operating expenses Depreciation expense Loss on sale of equipment Profit before income taxes Income taxes 6.960 103.530 100.920 25.230 Profit $75,690 Prepare the operating section of the cash flow statement using the direct method. (Show amounts that decrease cash flow with either a - sign eg.-15,000 or in parenthesis eg. (15,000.) SANDHILL INC. Cash Flow Statement (partial) Direct Method $ Save for Later Attempts: 0 of 5 used Submit