Cash flows from operating activities for both the Indirect and direct methods are presented for Electronic Transformations. $ 35, 100 Cash Flows from Operating Activities (Indirect method) Net income Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Increase in accounts receivable Increase in accounts payable Increase in income tax payable Net cash flows from operating activities 8,100 (12, 100) 7,100 5,100 $43,300 Cash Flows from Operating Activities (Direct method) Cash received from customers Cash paid for operating expenses Cash paid for income taxes Net cash flows from operating activities $ 78,500 (25,100) (10.100) $43,300 Required: Complete the following income statement for Electronic Transformations. Assume all accounts payable are to suppliers. ELECTRONIC TRANSFORMATIONS Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Operating expenses Depreciation expenso 8,100 Income tax expense Total expenses Net income $ 35,100