SONAD COMPANY Income Statement For Year Ended December 31, 2015 Sales $1,967,000 Cost of goods sold 963,830 1,003,170 Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses- Patents Utilities expense $269,479 47,208 53,109 5.901 21,637 397,334 Gain on sale of equipment 605,836 7,868 Net income $ 613,704 Changes in current asset and current liability accounts for the year that relate to operations follow. $12,350 decrease $12 250 Accounts receivable Inventory $40,300 increase Accounts mcrease payable 24,750 increase Salaries payable 4,500 decrease Required: Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.) 613,704 X Answer is not complete. Statement of Cash Flows (partial) Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 47.208 Amortization expense Patents 5,901 Gain on sale of equipment (7,868 Changes in current operating assets and liabilities Increase in accounts receivable Increase in inventory Decrease in accounts payable Decrease in salaries payable (40,300 (24,750 (12,350 (4,500