Sales SONAD COMPANY Income Statement For Year Ended December 31 Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense $ 2,003,000 981,470 1,021,530 $ 274,411 48,072 54,081 6,009 22,033 404,606 616,924 8,012 Gain on sale of equipment Net income Accounts receivable Inventory $ 624,936 $ 22,500 increase Accounts payable 23,875 increase Salaries payable $ 14,425 decrease 5,100 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash