The income statement of Elbert Company is presented here. ELBERT COMPANY Income Statement For the Year Ended November 30, 2008 Sales $7,700,000 Cost of goods sold Beginning inventory $1,900,000 Purchases 4,400,000 Goods available for sale 6,300,000 Ending inventory 1,400,000 Total cost of goods sold 4,900,000 Gross profit 2,800,000 Operating expenses Selling expenses 450,000 Administrative expenses 700,000 1,150,000 Net income $1,650,000 Additional information: Accounts receivable increased $250,000 during the year, and inventory decreased $500,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of merchandise decreased $340,000 during the year. Accrued expenses payable decreased $100,000 during the year. Administrative expenses include depreciation expense of $90,000. Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2008, for Elbert Company, using the indirect method. (List multiple entries with a positive cash flow first and then the negative cash flow. List amounts from largest to smallest eg 10, 5, 3, 2. If amount decreases cash flow, use either a negative sign preceding the number eg -45 or parentheses eg (45).) Cash flows from operating activities Decrease in accrued expenses payableDepreciation expenseNet incomeIncrease in accounts receivableDecrease in inventoryIncrease in prepaid expensesDecrease in accounts payable $ Adjustments to reconcile net income to net cash provided by operating activities Increase in prepaid expensesDecrease in accounts payableIncrease in accounts receivableNet incomeDecrease in inventoryDecrease in accrued expenses payableDepreciation expense $ Decrease in accounts payableIncrease in prepaid expensesNet incomeDecrease in inventoryDepreciation expenseIncrease in accounts receivableDecrease in accrued expenses payable Increase in accounts receivableDecrease in inventoryDecrease in accrued expenses payableIncrease in prepaid expensesDecrease in accounts payableDepreciation expenseNet income Increase in accounts receivableNet incomeDepreciation expenseDecrease in accrued expenses payableDecrease in inventoryIncrease in prepaid expensesDecrease in accounts payable Increase in prepaid expensesDecrease in inventoryNet incomeDepreciation expenseDecrease in accounts payableIncrease in accounts receivableDecrease in accrued expenses payable Decrease in accrued expenses payableNet incomeDepreciation expenseIncrease in accounts receivableDecrease in inventoryIncrease in prepaid expensesDecrease in accounts payable Net cash provided by operating activities $ Click here if you would like to Show Work for this