Using the data below, complete the Operating section of the Cash Flow Statement using the Indirect Method. Note that no dividends were declared or poid this period. Comparative Balance Sheet 2020 2021 Cash $89,800 $46,250 Accounts Receivable $41,230 $52,250 Inventory $84,750 $96,750 Prepaid Expenses $4,975 $4,325 2 Equipment $825,000 $825,000 3 Acc. Depr - Equipment -5618,750 -$721,875 4 Total Assets $427,005 $302,700 5 6 Accounts Payable $24,000 $22,250 7 Wages Payable $11.755 $7,500 8 Income Taxes Payable $4,500 $3,200 9 Long Term Notes Payable $89,000 $48,000 0 Common Stock $245,000 $143,300 1 Retained Earnings $52,750 $78,450 22 Total Liabilities and Equity $427,005 $302,700 23 24 Income Statement 25 Sales $545,750 26 Cost of Goods Sold $318,750 27 Gross Profit $227,000 28 Operating Expenses 29 Depreciation Expense $103,125 30 Other Operating Expense $91,750 31 Income Before Taxes $32,125 32 Income Tax Expense $6,425 33 Net Income $25,700 34 35 Statement of Cash Flows 36 37 38 39 40 41 42 43 Net Cash Provided from Operating 44 Activities 45 46 NOT required to complete the investing or financing sections 47 48 49