Problem 17-06A Your answer is partially correct. Try again. Zumbrunn Company's income statement contained the following condensed information. $970,700 ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020 Service revenue Operating expenses, excluding depreciation $625,000 Depreciation expense 54,300 Loss on disposal of plant assets 25,200 Income before income taxes Income tax expense 704,500 266,200 39,700 Net income $226,500 Zumbrunn's balance sheets contained the comparative data at December 31, shown below. 2020 2019 Accounts receivable Accounts payable Income taxes payable $75,800 41,500 11,500 $60,500 27,600 7,300 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows 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).) ZUMBRUNN COMPANY Partial Statement of Cash Flows For the Year Ended December 31, 2020 T Cash Flows from Operating Activities T Cash Receipts from Customers 955,400 Less cash payments: T For Operating Expenses 625,000 T For Income Taxes For Income Taxes 266,200 T 851200 T Net Cash Provided by Operating Activities 308800 Click if you would like to Show Work for this question: Open Show Work