0 Question 1 Dynamo Corporation 20 pts Use the following income statement and information about selected current assets and current liabilities for Dynamo Corporation to calculate the net cash provided or used by operating activities using the indirect method. Sales DYNAMO CORPORATION Income Statement For Year Ended December 31 $280,000 Cost of goods sold Gross profit from sales 124,000 $156,000 Operating expenses Salaries and wages expense $35,000 Depreciation expense 11,000 Rent expense 27,200 Interest expense 3,900 77,100 Income from operations $78,900 4,700 $74,200 Loss on sale of land Net income Increases and decreases of current asset and current liability accounts, all of which relate to operating activities, are as follows: Change Accounts receivable increase $3,600 Merchandise inventory decrease 1,700 Accounts payable increase 1,100 Salaries and wages payable decrease 2,600