The following income statement along with additional year-end information about changes in noncash current assets and current liabilities are reported. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses $2,224,000 1,089, 760 1,134,240 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense $304,688 53,376 60,048 6,672 24,464 Gain on sale of equipment Net income 449,248 684,992 8,896 $693,888 Additional Year-End Balance Sheet Data Accounts receivable Inventory Accounts payable Salaries payable $27,500 increase 13,450 increase 13,300 decrease 5,550 decrease Use the direct method to prepare only the cash provided or used by operating activities section of the statement of cash flows for this company. (Amounts to be deducted should be indicated with a minus sign.)