Check my work Check My Work button is now enabledItem 1 Item 1 12 points Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement and information about changes in noncash current assets and current liabilities are reported. SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales $ 2,412,000 Cost of goods sold 1,181,880 Gross profit 1,230,120 Operating expenses Salaries expense $ 330,444 Depreciation expense 57,888 Rent expense 65,124 Amortization expensesPatents 7,236 Utilities expense 26,532 487,224 742,896 Gain on sale of equipment 9,648 Net income $ 752,544 Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable $ 40,600 increase Accounts payable $ 15,925 decrease Inventory 14,800 increase Salaries payable 5,000 decrease Required: Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)