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P17-5A Grania Companys income statement contained the condensedinformation below. GRANIA COMPANY Income Statement For the YearEnded December 31 2010 Revenues $970000 Operating expensesexcluding depreciation $624000 Depreciation expense 60000 Loss onsale of equipment 16000 700000 Income before income taxes 270000Income tax expense 40000 Net income $230000 Granias balancesheet contained the comparative data at December 31 shown below.2010 2009 Accounts receivable $75000 $60000 Accounts payable41000 28000 Income taxes payable 11000 7000 Accounts payablepertain to operating expenses. Hint: Prepare the operatingactivities sectionindirect method. (SO 3) Instructions Prepare theoperating activities section of the statement of cash flows usingthe indirect method. Cash from operations $308000