Exercise 16-8 (Algo) Indirect: Inferring net income from operating cash flows LO P2 Cain Company reports net cash provided by operating activities of $31,500. It also reports the following information under "Adjustments to reconcile net income to net cash provided by operating activities" on its statement of cash flows (using the indirect method). Gain on sale of equipment Increase in accounts receivable Depreciation expense $ 8,600 Decrease in inventory 3,300 Increase in prepaid expenses 5,600 Decrease in wages payable $ 4,600 2,600 1,600 Determine Cain's net income. Answer is complete but not entirely correct. Net income $ 31,300 X