kindly help with the incorrect and missing parts. thank u

12 Portions of the financial statements for Parnell Company are provided below. pints $722 PARNELL COMPANY Income Statement For the Year Ended December 31, 2018 ($ in 000s) Revenues and gains: Sales $ 710 Gain on sale of buildings 12 Expenses and loss: Cost of goods sold $ 255 Salaries 111 Insurance 31 Depreciation 114 Interest expense Loss on sale of machinery Income before tax Income tax expense Net income PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) Year 2018 2017 Cash $ 125 $ 109 Accounts receivable 315 225 Inventory 330 416 Prepaid insurance 67 Accounts payable 201 Salaries payable 120 Deferred income tax liability Change $ 16 90 (86) (12) ON 158 Income before tax Income tax expense Net income 79 $ 79 Change 16 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000) Year 2018 2017 Cash $ 125 $ 109 Accounts receivable 225 Inventory 416 Prepaid insurance 79 Accounts payable 201 126 Salaries payable 120 102 Deferred income tax liability 61 Bond discount 209 90 (86) (12) 75 um (24) Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. 2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 12 Answer is not complete. Complete this question by entering your answers in the tabs below. points Required 1 Required 2 Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) $ Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid for insurance Cash paid to employees Cash paid for income taxes Cash paid for interest 620 (94) (19) (93) (62) (17) ooooo Net cash flows from operating activities $ 335 12 Answer is not complete. Complete this question by entering your answers in the tabs below. points Required 1 Required 2 Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) $ 79 114 12 (12) (90) Cash Flows from Operating Activities: Net income Adjustments for noncash effects: Depreciation expense Loss on sale of machinery Gain on sale of buildings Increase in accounts receivable Changes in operating assets and liabilities: Decrease in inventory Decrease in prepaid insurance Increase in accounts payable Increase in salaries payable Increase in deferred income tax liability Decrease in bond discount 86 12 75 18 17 24 12 79 oints 114 12 (12) (90) Cash Flows from Operating Activities: Net income Adjustments for noncash effects: Depreciation expense Loss on sale of machinery Gain on sale of buildings Increase in accounts receivable Changes in operating assets and liabilities: Decrease in inventory Decrease in prepaid insurance Increase in accounts payable Increase in salaries payable Increase in deferred income tax liability Decrease in bond discount OOOOOOOOOO 86 12 18 24 Net cash flows from operating activities $ 335