1. Beautiful Industries began 2018 with accounts receivable, inventory, and prepaid expenses totaling $45,000 and its total current liabilities totaling $20,000. At the end of the year, these same current assets totaled $44,000, while its total current liabilities totaled $32,000. Net income for the year was $85,000. Included in net income were a $1,000 gain on the sale of land and depreciation expense of $4,000. Show how Beautiful should report cash flows from operating activities for 2018. The company uses the indirect method. (Use parentheses or a minus sign for numbers to be subtracted and for a net decrease in cash.) Cash flows from operating activities: (1) Adjustments to reconcile net income to net cash provided by (used for) operating activities: (2) (3) (4) (5) Net cash provided by (used for) operating activities (1) O O Collections from customers Depreciation O Gain on sale of land Decrease in accounts receivable, inventory, and prepaid expenses O Increase in current liabilities O Net income O Payments to suppliers (2) O Decrease in accounts receivable, inventory, and prepaid expenses Collections from customers Increase in current liabilities Depreciation O Net income O Gain on sale of land Payments to suppliers (3) O Collections from customers O Depreciation O Gain on sale of land Decrease in accounts receivable, inventory, and prepaid expenses Increase in current liabilities O Net income O Payments to suppliers (4) O O Collections from customers Depreciation O Gain on sale of land Decrease in accounts receivable, inventory, and prepaid expenses O Increase in current liabilities O Net income O Payments to suppliers (5) O O Collections from customers Depreciation O Gain on sale of land Decrease in accounts receivable, inventory, and prepaid expenses O Increase in current liabilities O Net income O Payments to suppliers