Problem 11-3A (Algo) Calculate operating activities-indirect method (LO11-3) Portions of the financial statements for Petoskey Technologies are provided below. Net sales Expenses: PETOSKEY TECHNOLOGIES Income Statement For the Year Ended December 31, 2024 Cost of goods sold: Operating expenses Depreciation expense Income tax expense Total expenses Net income $300,000 $180,000 55,000 15,500 19,500 270,000 $ 30,000 PETOSKEY TECHNOLOGIES Selected Balance Sheet Data December 31, 2024, compared to December 31, 2023 Decrease in accounts receivable $ 5,500 Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable Required: 12,500 8,500 4,500 7,500 18,000 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.)