Exercise 23-05 Your answer is partially correct. Try again. Ivanhoe Company's income statement for the year ended December 31, 2020, contained the following condensed information, Service revenue $848,000 Operating expenses (excluding depreciation) $622,000 Depreciation expense 59,000 Loss on sale of equipment 25,000 706,000 Income before income taxes 142,000 Income tax expense 40,000 Net Income $102,000 Ivanhoe's balance sheet contained the following comparative data at December 31. Accounts receivable Accounts payable Income taxes payable 2020 $30,000 41,000 3,000 2019 $53,000 31,000 8,500 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method. IVANHOE COMPANY Statement of Cash Flows (Partial) December 31, 2020 2020 2019 Accounts receivable $38,000 $53,000 Accounts payable 41,000 31,000 Income taxes payable 3,800 8,500 (Accounts payable pertains to operating expenses.) Prepare the operating activities section of the statement of cash flows using the direct method, IVANHOE COMPANY Statement of Cash Flows (Partial) December 31, 2020 Cash Flows from Operating Activities 848000 Cash Receipts from Customers . Cash Payments for Operating Expenses Cash Payments for Income Taxes 4700 1043000 206300 Net Cash Provided by Operating Activities LINK TO TEXT