WildhorseLtd. is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below:

WILDHORSELTD.

Income Statement

Year Ended November 30, 2021

Sales $720,480

Cost of goods sold 372,400

Gross profit 348,080

Operating expenses $235,600

Depreciation expense 38,000

Gain on sale of equipment (7,600) 266,000

Profit before income tax 82,080

Income tax expense 22,800

Profit $59,280

Changes in current assets and current liabilities were as follows:

Accounts receivable $27,360 decrease

Inventory 14,440 increase

Prepaid expenses 1,520 increase

Accounts payable 9,120 decrease

Dividends payable 3,800 decrease

Income taxes payable 3,040 decrease

Prepare the operating activities section of the cash flow statement using the indirect method.