The net income reported on the income statement for the current year was $400,000. Depreciation recorded on store equipment for the year amounted to $16,000 Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash Accounts receivable (net) Merchandise inventory Prepaid expenses Accounts payable (merchandise creditors) Wages payable $41,600 30,400 40,000 4,800 40,000 21,200 $38,400 28,000 44,000 3,600 36,000 24,000 Required A. Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, cash payments, decreases in cash and for any adjustments, if required