The following income statement and additional year-end information is provided 5 1.996,000 928,040 1,017,960 SOMAD COMPANY Income Statement For Year Ended December 31 Sales cost of goods sold Gross profit Operating expenses Salaries expense $ 273,452 Depreciation expense 47.904 Rent expense 53,892 Amortisation expenses-Patents 5,980 Utilities expense 21.956 Gain on sale of equipment Set incon 403, 192 614,760 7.984 5.622, 752 Accounts receivable $ 22,050 Increase Accounts payable $9,375 decrease Inventory 21,800 Increase salaries payable 5,950 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.) ndicated with a Inus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities Payments for rent $ Payments for salaries Payments for utilities Receipts from customers Payments for inventory 53,892 273,452 21,956 $ 349,300