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 $1,646,000 806.540 Sales Cost of goods sold Gross profit Operating expenses Salaries expense 839,460 $225,502 39,504 Depreciation expense Rent expense Amortization expenses-Patents Utilities expense 44.442 4,938 18,106 332,492 506,968 Gain on sale of equipment. 6,584 513.552 Net income Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable $38.500 increase 30,400 increase Accounts payable Salaries payable $13,150 decrease 3,150 deerease Inventory 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.) Statement of Cash Flows (partial) Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense Amortization expense-Patents Gain on sale of equipment wwwwwwwwwwww Increase in accounts receivable Changes in current operating assets and liabilities