The income statement of Concord Company is presented here.

CONCORD COMPANY

Income Statement

For the Year Ended November 30, 2022

Sales revenue $7,518,000

Cost of goods sold

Beginning inventory $1,974,700

Purchases 4,379,000

Goods available for sale 6,353,700

Ending inventory 1,641,000

Total cost of goods sold 4,712,700

Gross profit 2,805,300

Operating expenses

Selling expenses 460,000

Administrative expenses 659,700. 1,119,700

Net income $1,685,600

Additional information:

1. Accounts receivable decreased $378,000 during the year, and inventory decreased $333,700.

2. Prepaid expenses increased $165,500 during the year.

3. Accounts payable to suppliers of inventory decreased $334,500 during the year.

4. Accrued expenses payable decreased $104,900 during the year.

5. Administrative expenses include depreciation expense of $83,900.

Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2022, for Concord Company,

using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).)