WSPI Corp. uses the direct method to prepare its statement of cash flows and follows IFRS. WSPI's trial balances on December 31, 2022 and 2021, were as follows: December 31, 2022 December 31, 2021 Debits Cash $55,000 $31,000 A/R 33,000 30,000 Inventory 31,000 47,000 PPE 95,000 90,000 COGS 253,00 380,000 Selling Expenses 138,000 172,000 Interest Expense 15,600 28,600 Income Tax Expense 20,200 56,200 Credits Allowance For Doubtful $1,300 $1,100 Accounts Accumulated Depreciation 26,500 25,000 Accounts Payable 25,000 15,500 Income Tax Payable 21,000 29,100 Deferred Income Tax 5,300 4,600 Liability 8% callable bonds payable 46,000 45,500 Common Shares 53,600 22,000 Retained Earnings 44,700 64,600 Sales Revenue 557,400 778,700 Additional information: 1. WSPI purchased $5,000 of equipment during 2022. 2. Bad debt expense for 2022 was $5,000 and write offs of uncollectible accounts totalled $4,800. 3. WSPI has adopted the policy of classifying the payments of interest as operating activities on the statement of cash flows. Required: Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2022, using the direct method