27 E23-5 (Preparation of Operating Activities Section Direct Method) Norman Company's income state- ment for the year ended December 31, 2015, contained the following condensed information. 840,000 indirect Service revenue Operating expenses (excluding depreciation) Depreciation expense Loss on sale of equipment Income before income taxes Income tax expense Net income 624,000 60,000 26,000 710,000 130.000 40,000 90,000 Norman's statement of financial position contained the following comparative data at December 31. 2014 Accounts receivable Accounts payable Income taxes payable 2015 37,000 46,000 4,000 59,000 31,000 8,500 (Accounts payable pertains to operating expenses.) Instructions Prepare the operating activities section of the statement of cash flows using the dict method