12 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 219,063 Depreciation expense 38,376 Rent expense 43,173 Amortization expenses-Patents Utilities expense 17,589 $1,599,000 783,510 815,490 6 points 4,797 Gain on sale of equipment Net income 322,998 492,492 6,396 $ 498,888 Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable Inventory $17, 200 increase 30,950 increase Accounts payable Salaries payable $11,175 decrease 5,750 decrease Required: Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities