The following data were obtained from the accounting department of Joe Sixpack Inc.:
20X2 20X1
Net income $550,000 $325,000
Cash $ 85,000 $ 75,000
Accounts receivable 115,000 112,500
Inventory 220,000 245,000
Pre-paid insurance 12,000 9,000
Accounts payable 41,500 48,700
Income taxes payable 8,900 12,200
Salaries payable 21,200 29,800
Interest payable 15,000 7,500
Depreciation expense 12,000 12,000
Please prepare the operating section of the Statement of Cash Flows for the year ended 12/31/20X2 using the indirect method. Be sure to include a 3-line heading at the top.