CAN YOU PLEASE EXPLAIN WHY THE ANSWER IS WRONG.

Cash Flows from (Used for) Operating Activities The net income reported on the income statement for the current year was $290,000. Depreciation recorded on equipment and a building amounted to $150,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End Beginning of Year of Year Cash $117,600 $135,000 Accounts receivable (net) 132,500 141,100 Inventories 291,900 274,300 Prepaid expenses 5,600 7,100 Accounts payable (merchandise creditors) 143,400 172,400 Salaries payable 11,300 6,300 a. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Statement of Cash Flows (partial) Cash flows from (used for) operating activities: Net income 290,000 150,500 Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Changes in current operating assets and liabilities: Increase in accounts receivable X -8,600 X Decrease in inventories 17,600 x Increase in prepaid expenses X -1,500 X Increase in accounts payable X 29,000 X Decrease in salaries payable -5,000 X Net cash flows from operating activities 472,000 X