The income statement of Coronado Company is shown below.
CORONADO COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $7,360,000
Cost of goods sold Beginning Inventory $2,000,000 Purchase 4,260,000 Goods available for sale 6,260,000 Ending inventory 1,680,000 Cost of goods sold 4,590,000
Gross profit 2,790,00O
Operating expenses Selling expenses 460,000 Administrative expenses 690,000 1,150,000
Net income $1,630,000
Additional information:
1. Accounts receivable decreased $270,000 during the year.
2. Prepaid expenses increased $160,000 during the year.
3. Accounts payable to suppliers of merchandise decreased $300,000 during the year.
4. Accrued expenses payable decreased $130,000 during the year.
5. Administrative expenses include depreciation expense of $60,000.
Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2017, or Coronado Company using the indirect method.