$2,471,000 1,210,790 1,260,210 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $338,527 Depreciation expense 59,304 Rent expense 66,717 Amortization expenses-Patents 7,413 Utilities expense 27,181 Gain on sale of equipment Net income 499, 142 761,068 9,884 770,952 $ Accounts receivable Inventory $11, 300 increase 30,125 increase Accounts payable salaries payable $ 9,900 decrease 4,000 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities