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Prepare the operating activities section of the statement ofcash flows using the direct method.23-4RODRIQUEZ COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31 2010Sales $6900000Cost of goods soldBeginning inventory $1900000Purchases 4400000Goods available for sale 6300000Ending inventory 1600000Cost of goods sold 4700000Gross profit 2200000Operating expensesSelling expenses 450000Administrative expenses 700000 1150000Net income $1050000Additional information:1. Accounts receivable decreased $310000 during the year.2. Prepaid expenses increased $170000 during the year.3. Accounts payable to suppliers of merchandise decreased $275000during the year.4. Accrued expenses payable decreased $120000 during the year.5. Administrative expenses include depreciation expense of$60000.