Problem 11-58A (Algorithmic) (Appendix 11A) Preparing Net Cash Flows from Operating ActivitiesDirect Method The income statement for Granville Manufacturing Company is presented below. Granville Manufacturing Company Income Statement For the year ended December 31, 2019 Sales $4,199,830 2,787,210 $1,412,620 $831,800 Cost of goods sold Gross margin Operating expenses: Salaries expense Depreciation expense Administrative expense Bad debt expense Other expenses 246,100 131,000 51,700 43,900 1,304,500 Net income $ 108,120 The following balance sheet changes occurred during the year: Accounts receivable increased by $944,300. Inventory increased by $99,125. Prepaid expenses decreased by $64,100. Accounts payable increased by $43,850. Salaries payable increased by $54,900. Required: Prepare the cash flows from operating activities section of the statement of cash flows, using the direct method. Use a minus sign to indicate any decreases in cash or cash outflows. Granville Manufacturing Company Statement of Cash Flows (Partial) Using Direct Method Cash flows from operating activities: Cash collected from customers 4,199,830 X Cash paid to suppliers 2,787,210 X Cash paid for operating expenses -887,700 Net cash provided by operating activities 287,645 X