The Income statement disclosed the following items for the year Depreciation expense $57,200 Gain on disposal of equipment 33,380 Net Income 507,000 The changes in the current asset and liability accounts for the year are as follows: Increase (Decrease) Accounts receivable $8,910 Inventory (5,070) Prepaid insurance (1,900) Accounts payable (6,040) Income taxes payable 1,900 Dividends payable 1,340 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the Indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments Statement of Cash Flows (partial) Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation expense Gain on disposal of equipment Changes in current operating assets and liabilities: Increase in accounts receivable Decrease in inventory Decrease in prepaid insurance Decrease in accounts payable Il 11ll1 Increase in income taxes payable Net cash flows from operating activities