PS #2 is an exercise with the Statement of Cash Flows. Using the illustrations below, please complete the cash flows from operating activities section (ONLY) for Summer Corporation. You should complete the operating activities section using BOTH the indirect and direct methods (ignore requirements shown in pics below) Students should assume that accounts payable was used only for the purchase of merchandise inventory. Additionally, no accruals were recorded at year end for other operating expenses. STATEMENT OF CASH FLOWS-INDIRECT METHOD Based on the following income statement and balance sheet for Summer Corporation, determine the cash flows from operating activities using the indirect method. Using your answers for the indirect method of determining operating cash flows, answer questions 18-21 that follow. Sales Summer Corporation Income Statement For Year Ended December 31, 20X2 Cost of goods sold Depreciation expense Other operating expenses Other gains (losses): Gain on sale of equipment Income before taxes Income tax expense Net income $504,000 $327,600 33,000 125.500 (486,100) 5.200 23,100 (4.800) $ 18,300