Prepare a Statement of Cash Flows from Operating Activities section of the statement of cash flows using the Indirect Method.

The Income Statement disclosed the following items for $2020$:

Depreciation Expense $--$ $$57,600$

Gain on Disposal of Equipment $--$ $$33,600$

Net Income $--$ $$508,000$

Balances of the current assets and current liability accounts changed between December $312019$ and December $31,2020,$ as follows:

Accounts Receivable $--$ $$8,960$ increase

Inventory $--$ $$5,120$ decrease

Prepaid Expenses $--$ $$1,920$ decrease

Accounts Payable $--$ $$6,080$ decrease

Income Taxes Payable $-$ $$1,410$ increase