Income Statement from Cash Flow Data Parker Corporation computed the amount of cash flows from operations using both the direct and indirect methods, as follows:

Required:
Using the data provided, prepare an income statement for Parker Corporation for the year 2009.

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Direct method: Collections from customers Payments to suppliers Payments for operating expenses Cash flows provided by operating activities Indirect method: Net income Depreciation Gain on sale of equipment Decrease in inventory Decrease in accounts receivable (net) Decrease in accounts payable Increase in miscellaneous accrued payable Cash flows provided by operating activities $525,000 (170,000) (198,000) $ 157,000 $ 95,000 62,100 (4,000) 2,400 3,600 (6,800) 4,700 $ 157,000