Cash flows from operating activities for both the indirect and direct methods are presented for Bolden Company.

Cash Flows from Operating Activities $($Indirect method$)$

Net income $$35,400$

Adjustments to reconcile net income to net cash flows from operating activities:

Depreciation expense $8,400$

Increase in accounts receivable $(12,400)$

Increase in accounts payable $7,400$

Increase in income tax payable $5,400$

Net cash flows from operating activities $$44,200$

Cash Flows from Operating Activities $($Direct method$)$

Cash received from customers $$80,000$

Cash paid for operating expenses $(25,400)$

Cash paid for income taxes $(10,400)$

Net cash flows from operating activities $$44,200$

Required:

Complete the following income statement for Bolden Company. Assume all accounts payable are to suppliers.