4 Brief Exercise 11-7 (Algo) Calculate operating activities-indirect method (LO11-3) Engineering Wonders reports net income of $54.0 million. Included in that number is building depreciation expense of $4.4 million and a gain on the sale of land of $1.6 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $1.4 million, $2.4 million, and $3.4 million, respectively. Prepare the operating activities section of Wonders' statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign. Round your answers to 1 decimal place. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).) ences ENGINEERING WONDERS Statement of Cash Flows (partial) Cash flows from operating activities Net income 54,000,000:0 Adjustments to reconcile net income to net cash flows from operating activities Depreciation expense 4,400,000.0 Gain (on sale of land) Decrease in accounts receivable Decrease in inventory Decrease in accounts payable Net cash flows from operating activities $ 58,400,000.0 Engineering Wonders reports net income of $54.0 million. Included in that number is building depreciation expense of $4.4 million and a gain on the sale of land of $1.6 million. Records reveal decreases in accounts receivable, accounts payable, and inventory of $1.4 million, $2.4 million, and $3.4 million, respectively. Prepare the operating activities section of Wonders' statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign. Round your answers to 1 decimal place. Enter your answers in millions (i.e., $10,100,000 should be entered as 10.1).) Cash flows from operating activities Answer is complete but not entirely correct. ENGINEERING WONDERS Statement of Cash Flows (partial) Net income 54,000,000.0 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Gain (on sale of land) Decrease in accounts receivable 4,400,000.0 (1,600,000.0) 0 1,400,000.0 ( Decrease in inventory (2,400,000.0) Decrease in accounts payable 3,400,000.0 Net cash flows from operating activities Prev 1 of 8 Next > $ 59,200,000.0