Your answer is partially correct. The income statement of Cullumber Company is shown below: CULLUMBER COMPANY Income Statement For the Year Ended December 31, 2022 Sales $ 9,240,000 Cost of goods sold 5,340,000 Gross profit 3,900,000 Operating expenses Selling and administrative expenses $ 1,290,000 Depreciation expense 81,000 Amortization expense 35,000 1,406,000 Net income $ 2,494,000 Additional information: 1. Accounts receivable increased $ 795,000 during the year. 2. Inventory increased $ 281,000 during the year. 3. Prepaid expenses increased $ 180,000 during the year. 4. Accounts payable to merchandise suppliers increased $ 130,000 during the year. 5. Accrued expenses payable increased $ 185,000 during the year. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2022, for Cullumber Company, using the direct method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CULLUMBER COMPANY Statement of Cash Flows For the Year Ended December 31, 2022 V Cash Flows from Operating Activities Cash Receipts from Customers $ 8445000 Cash Payments For Operating Expenses $ 1574000 To Suppliers 5491000 i Net Cash Provided by Operating Activities $ e Textbook and Media