Hardware Suppliers reports net income of $147,000. Included in net income is a gain on the sale of land of $11,000. A comparison of this year's and last year's balance sheets reveals an increase in accounts receivable of $17,000, an increase in inventory of $11,000, and a decrease in accounts payable of $37,000. Required: Prepare the operating activities section of the statement of cash flows using the indirect method. (List cash outflows and any decrease in cash as negative amounts.) X Answer is complete but not entirely correct. HARDWARE SUPPLIERS Statement of Cash Flows (partial) Cash flows from operating activities: Net income $ 147,000 Adjustments to reconcile net income to net cash flows from operating activities: Gain on sale of land 11,000 X Increase in accounts receivable 17,000 X Increase in inventory 11,000 X Decrease in accounts payable 37,000 OOO Net cash flows from operating activities $ 223,000