Exercise 16-4 (Algo) Indirect: Cash flows from operating activities LO P2 The following Income statement and additional year-end Information is provided. $ 1,791, eee 877,590 913, 418 SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 245,367 Depreciation expense 42,984 Rent expense 48,357 Amortization expenses-Patents 5,373 Utilities expense 19,701 Gain on sale of equipment Net income 361, 782 551,628 7,164 $ 558, 792 Accounts receivable Inventory $ 15,750 increase Accounts payable 12,275 increase Salaries payable $ 9,480 decrease 2,858 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.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities s