Presented below is the income statement of Cowan, Inc.: Sales revenue Cost of goods sold Gross profit Operating expenses Income before income taxes Income taxes $372,700 221,800 $150,900 80,800 70,100 26,900 $ 43,200 Net income In addition, the following information related to net changes in working capital is presented: Credit Debit $14,100 22,000 $18,600 Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income taxes payable 8,700 13,700 2,700 The company also indicates that depreciation expense for the year was $16,700 and that the deferred tax liability account increased $4,200. Prepare a schedule computing the net cash flow from operating activities by using the indirect method that would be shown on a statement of cash flows.(Show amounts that decrease cash flow with either a-sign e.g. -10,000 or in parenthesis e.g. (10,000).) Cowan, Inc. Statement of Cash Flows (Partial) (Indirect Method) Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Prepare a schedule computing the net cash flow from operating activities by using the direct method that would be shown on a statement of cash flows. Cowan, Inc. Statement of Cash Flows (Partial) Direct Method