The income statement of Kingbird Company is shown below. KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6.890.000 Cost of goods sold Beginning inventory Purchases $1.910.000 4.410.000 Goods available for sale 6.320,000 1.620,000 4.700.000 Ending inventory Cost of goods sold Gross profit Operating expenses 2.190.000 Selling expenses 460,000 Administrative expenses 700,000 1.160,000 Net income $1.030,000 Additional information: 1. Accounts receivable decreased $350.000 during the year 2. Prepaid expenses increased $160,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $300.000 during the year. 4 Accrued expenses payable decreased $90.000 during the year. 5. Administrative expenses include depreciation expense of $50.000. Prepare the operating activities section of the statement of cash flows using the direct method. Prepare the operating activities section of the statement of cash flows using the direct method. KINGBIRD COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash Flows from Operating Activities Decrease in Accounts Recevable Cash Payments for Operating Expenses $ Cash Payments for Operating Expenses Net Cash Used by Operating Activities