SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $322,224 Depreciation expense 56,448 Rent expense 63,584 Amortization expenses-Patents 7,856 Utilities expense 25,872 $2.352.000 1.152,480 1.199.520 475,124 724,416 Gain on sale of equipment Net income $ 733,824 Accounts receivable Inventory $24.620 increase 38,5ee increase Accounts payable Salaries payable $14,058 decrease 2,ese 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.)