Portions of the financial statements for Petoskey Technologies are provided below.

PETOSKEY TECHNOLOGIES
Income Statement
For the Year Ended December 31, 2024
Net sales		$365,000
Expenses:
Cost of goods sold	$215,000
Operating expenses	66,000
Depreciation expense	16,600
Income tax expense	25,000
Total expenses		322,600
Net income		$ 42,400

PETOSKEY TECHNOLOGIES
Selected Balance Sheet Data
December 31, 2024, compared to December 31, 2023
Decrease in accounts receivable	$ 6,600
Increase in inventory	13,600
Decrease in prepaid rent	9,600
Increase in salaries payable	5,600
Decrease in accounts payable	8,600
Increase in income tax payable	22,400

Required:

Prepare the operating activities section of the statement of cash flows for Petoskey Technologies using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

\begin{tabular}{|l|l|l|l|} \hline \multicolumn{1}{|c|}{ PETOSKEY TECHNOLOGIES } \\ \multicolumn{1}{|c|}{ Statement of Cash Flows } \\ \hline Cash Flows from Operating Activities: & & & \\ \hline & & & \\ \hline Adjustments to reconcile net income to net cash flows from operating activities & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flows from operating activities & & \\ \hline \end{tabular}