Portions of the financial statements for Parnell Company are provided below. $761 $ 761 PARNELL COMPANY Income Statement For the Year Ended December 31, 2018 ($ in 0003) Revenues and gains: Sales $ 750 Gain on sale of buildings 11 Expenses and loss: Cost of goods sold $ 275 Salaries 115 Insurance 35 Depreciation 118 Interest expense 45 Loss on sale of machinery 13 Income before tax Income tax expense Net income 601 160 80 S 80 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in 0003) Year 2018 2017 Cash S 129 $ 105 Accounts receivable 319 221 Inventory 326 420 Prepaid insurance 71 83 Accounts payable 205 122 Salaries payable 112 98 Deferred income tax liability 70 57 Bond discount 180 205 Change S 24 98 (94) () (12) 83 14 13 (25) 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. Complete this question by entering your answers in the tabs below. 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 to employees Cash paid for insurance Cash paid for interest Cash paid for income taxes Net cash flows from operating activities $ 0 Required 1 Required 2 > Complete this question by entering your answers in the tabs below. 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.). Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities 0