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 $ 1,639,000 Cost of goods sold 803,110 Gross profit 835,890 Operating expenses Salaries expense $ 224,543 Depreciation expense 39,336 Rent expense 44,253 Amortization expensesPatents 4,917 Utilities expense 18,029 331,078 504,812 Gain on sale of equipment 6,556 Net income $ 511,368 Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable $ 46,350 increase Accounts payable $ 11,100 decrease Inventory 23,175 increase Salaries payable 5,050 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.)