In a recent year, J. C. Penney Company, Inc. (JCP) reported a net loss of $268 million from operations. However, on its statement of cash flows, it reported $428 million of net cash flows from operating activities. Explain this apparent contradiction between the loss and the positive cash flows. LIVERS INC. Statement of Cash Flows For the Year Ended December 31, 20Y3 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of investments Loss on sale of investments Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: LIVERS INC. Statement of Cash Flows For the Year Ended December 31, 20Y3 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Changes in current operating assets and liabilities: Increase in accounts receivable Decrease in accounts receivable Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Changes in current operating assets and liabilities: Increase in inventories Decrease in inventories Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Net cash flow from financing activities Change in cash Cash at the beginning of the year Cash at the end of the year Optional: Net cash flow used for investing activities Cash flows from financing activities: Cash received from sale of common s Cash received from sale of investmer Change in cash Cash at the beginning of the year Cash at the end of the year In a recent year, J. C. Penney Company, Inc. (JCP) reported a net loss of $268 million from operations. However, on its statement of cash flows, it reported $428 million of net cash flows from operating activities. Explain this apparent contradiction between the loss and the positive cash flows. LIVERS INC. Statement of Cash Flows For the Year Ended December 31, 20Y3 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of investments Loss on sale of investments Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: LIVERS INC. Statement of Cash Flows For the Year Ended December 31, 20Y3 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Changes in current operating assets and liabilities: Increase in accounts receivable Decrease in accounts receivable Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Changes in current operating assets and liabilities: Increase in inventories Decrease in inventories Net cash flow from operating activities Cash flows from investing activities: Net cash flow used for investing activities Cash flows from financing activities: Net cash flow from financing activities Change in cash Cash at the beginning of the year Cash at the end of the year Optional: Net cash flow used for investing activities Cash flows from financing activities: Cash received from sale of common s Cash received from sale of investmer Change in cash Cash at the beginning of the year Cash at the end of the year