Check my work The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. Some elements necessary to complete the schedule are missing Required: Complete the schedule by determining each of the following missing elements: (Amounts to be deducted should be indicated with a minus sign.) Income Statement $ Sales + Gain on sale of equipment K Cash flows from Operating Activities Indirect Method Direct Method Net Incore Adjustments: 355 Decrease in accounts receivable 11 Cash received from customers 29 Gain on sale of equipment (29) (Not reported-no cash effect) Increase in inventory Increase in accounts payable ! 23 Cash paid to suppliers (52) 11 Cash paid to employees (14) Depreciation expense 14 Cash paid for depreciation Decrease in bond discount 8 Cash paid for interest 734nernen in renain inenarre Cash harringtime Cost of goods sold Salaries expense Depreciation expense Interest expense Incave eynense Check my work Required: Complete the schedule by determining each of the following missing elements: (Amounts to be deducted should be indicated with a minus sign.) Income Statement S Sales Gain on sale of equipment Cash flows from Operating Activities Indirect Method Direct Method Net income Adiustments 355 Decrease in accounts receivable 11 Cash received from customers 29 Gain on sale of equipment (29) (Not reportedno cash effect) Increase in inventory (17) Increase in accounts payable 23 Cash paid to suppliers (52) 11 Cash paid to employees (14) Depreciation expense 14 Cash paid for depreciation Decrease in bond discount 8 Cash paid for interest (31) Decrease in prepaid insurance 14 Cash paid for insurance (11) Loss on sale of land 11 (Not reported no cash effect) (37) Increase in income tax payable Cash paid for income taxes 239 Net cash flows from operating activities $ 89 Net cash flows from operating activities Cost of goods sold , Salaries expense Depreciation expense Interest expense Insurance expense Loss on sale of land Income tax expense Net Income (14 (26) $