The income statement of Culver Company is shown below. $6,610,000 CULVER COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue Cost of goods sold Beginning inventory $1,910,000 Purchases 4,530,000 Goods available for sale 6,440,000 Ending inventory 1,630,000 Cost of goods sold Gross profit Operating expenses Selling expenses 450,000 Administrative expenses 680,000 Net income 4,810,000 1,800,000 1,130,000 $670,000 Additional information: 1. Accounts receivable decreased $300,000 during the year. 2. Prepaid expenses increased $180,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $280,000 during the year. 4. Accrued expenses payable decreased $110,000 during the year. 5. Administrative expenses include depreciation expense of $70,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Culver Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CULVER COMPANY Statement of Cash Flows (Partial) For the Year Ended December 31, 2020 Cash Flows from Operating Activities $ Net Income Adjustments to reconcile net income to Depreciation expense $ Decrease in Accounts Receivable Increase in Prepaid Expenses Decrease in Accounts Payable Decrease in Accrued Expenses Payable Decrease in Inventory Net Cash Used by Operating Activities $