2020. ELABORATE 5.4 COMPREHENSIVE PROBLEM The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company for the year ended December 31, 2020 is reproduced below: Sales P 6,100,000 Cost of goods sold 3,700,000 Gross profit P2,400,000 Gain on sale of equipment 100,000 Salaries expense -820,000 Insurance expense -380,000 Depreciation expense 220,000 Profit before interest and income tax P1,080,000 Interest expense 120.000 Profit before income tax P960,000 Income tax expense 288.000 Profit P672.000 76The following information is also available Decrease in accounts receivable Increase in inventory P120.000 280,000 Decrease in accounts payable 160,000 Increase in salaries payable 100,000 Increase in prepaid insurance 180,000 Decrease in interest payable 30,000 Increase in income tax payable 18,000 method. Required: Prepare ITS OK NOT TO BE OK Company's 2020 Statement of Cash Flows using the direct EVALUATE 5.5 CASE STUDY The profit or loss section of the statement of comprehensive income of ITS OK NOT TO BE OK Company for the year ended December 31, 2020 is reproduced below. Sales P 6.100,000 Cost of goods sold 3.700.000 Gross profit P2,400,000 Gain on sale of equipment 100,000 Salaries expense -820,000 Insurance expense -380,000 Depreciation expense 220.000 Profit before interest and income tax P1,080,000 Interest expense 120.000 Profit before income tax P960,000 Income tax expense 288,000 Profit P672.000 The following information is also available: Decrease in accounts receivable P120,000 Increase in inventory 280,000 Decrease in accounts payable 160,000 77Increase in salaries payable 100,000 Increase in prepaid insurance 180.000 Decrease in interest payable 30,000 Increase in income tax payable 18,000 method. Required: Prepare ITS OK NOT TO BE OK Company's 2020 Statement of Cash Flows using the indirect