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1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. 2. Prepare the

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1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. 2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method.

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Portions of the financial statements for Parnell Company are provided below PARNELL COMPANY Income Statement For the Year Ended December 31, 2018 $in 000s) Revenues and gains: $ 710 Sales Gain on sale of buildings 12 722 Expenses and loss: $255 Cost of goods sold Salaries Insurance Depreciation Interest expense Loss on sale of machiner 31 114 41 564 158 Income before tax Income tax expense Net income $ 79 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) Year 2018 2017 Change $ 125 $ 109 $ Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred income tax liability Bond discount 315 330 67 201 120 78 185 225 416 79 126 102 61 209 90 (86) 75 18 17 (24)

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