The condensed single-step income statement for the year ended December 31 2014 o

The condensed single-step income statement for the year ended December 31 2014 of Conti Chemical Company a distributor of farm fertilizers and herbicides follows.Sales $26000000Less: Cost of goods sold $15200000Operating expenses (including depreciation of $1640000)7600000Income taxes expense 80000023600000Net Income $2400000Selected accounts from Conti Chemicals balance sheets for 2014 and 2013 follow. 2014 2013Accounts receivable $4800000$3400000Inventory 1680000 2040000Prepaid expenses 520000 360000Accounts payable 1920000 1440000Accrued liabilities 120000 200000Income taxes payable 280000 240000Required:Prepare a schedule of cash flows from operating activities using the indirect method.