Portions of the financial statements for Parnell Company are provided below. $ 882 PARNELL COMPANY Income Statement For the Year Ended December 31, 2018 ($ in 0003) Revenues and gains: Sales $ 870 Gain on sale of buildings 12 Expenses and loss: Cost of goods sold Salaries Insurance Depreciation Interest expense Loss on sale of machinery Income before tax Income tax expense Net income un WNW JOJ Change $ 55 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2018 and 2017 ($ in 0003) Year 2018 2017 Cash $ 148 $ 93 Accounts receivable 338 209 Inventory 439 Prepaid insurance 102 Accounts payable 110 Salaries payable 86 Deferred income tax liability 59 Bond discount 214 129 W OL CON (125) (43) 114 30 15 (31) 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: Net cash flows from operating activities 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