The income statement of Headland Company is shown below. HEADLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $7,070,000 Cost of goods sold \begin{tabular}{lr} Beginning inventory & $1,980,000 \\ Purchases & 4,820,000 \\ \cline { 2 - 2 } Goods available for sale & 6,800,000 \\ Ending inventory & 1,510,000 \\ Cost of goods sold & \\ Gross profit & \\ \hline \end{tabular} Operating expenses Selling expenses 480,000 Administrative expenses Net income 640,000 $660,0001,120,000 Prepare the operating activities section of the statement of cash flows for the year ended December 31,2020, for Headland 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) ) HEADLAND COMPANY Statement of Cash Flows (Partial) $ Adjustments to reconcile net income to $