12 Portions of the financial statements for Parnell Company are provided below. points Skipped $722 eBook PARNELL COMPANY Income Statement For the Year Ended December 31, 2018 ($ in 000s) Revenues and gains: Sales $ 710 Gain on sale of buildings 12 Expenses and loss: Cost of goods sold $ 255 Salaries 111 Insurance 31 Depreciation 114 Interest expense Loss on sale of machinery Income before tax Income tax expense Net income Print References PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) Year 2018 2017 Cash $ 125 $ 109 Accounts receivable 315 225 Inventory 330 416 Prepaid insurance 79 Accounts payable 126 Salaries payable 102 Deferred income tax liability Change $ 16 90 (86) (12) 12 1. Prepare the cash TOWS tror operating activities section of the statement of cash toWS for Parnell Company using the direct metrou. 2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method. Complete this question by entering your answers in the tabs below. pints Skipped Required 1 Required 2 eBook Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) Print References Cash Flows from Operating Activities: Net cash flows from operating activities 12 Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) points Cash Flows from Operating Activities: Skipped Adjustments for noncash effects: eBook Print References Changes in operating assets and liabilities: Net cash flows from operating activities