Exercise 12-4 (Algo) Indirect: Cash flows from operating activities LO P2 The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 $ 2,408,000 1,179,920 1,228,080 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income Accounts receivable Inventory $ 329,896 57,792 65,016 7,224 26,488 486,416 741,664 9,632 $ 751,296 $ 12,400 increase Accounts payable 14,525 increase Salaries payable $ 9,225 decrease 3,250 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)