SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $259, 341 Depreciation expense 45,432 Rent expense 51,111 Amortization expenses-Patents 5,679 Utilities expense 20,823 $1,893,000 927,570 965,430 Gain on sale of equipment Net income 382, 386 583,044 7,572 590,616 $ Accounts receivable Inventory $14,450 increase 24,200 increase Accounts payable Salaries payable $12,525 decrease 3,150 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities $ 0