The following income statement and information about changes in noncash current assets and current liabilities are reported SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense $2,247,eee 1,181,030 1,145,970 $387,839 53,928 6e,669 6,741 24,717 Amortization expenses-Patents Utilities expense 453,894 692,076 8.988 Gain on sale of equipment Net income $ 7e1,064 Changes in current asset and current liability accounts for the vear that relate to operations follow. Accounts receivable $25,25e increase 13,775 increase Accounts payable Salaries payable $ 8,45e decrease s,3ee decrease Inventory Requlred: Prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method. (Amounts to b deducted should be Indicated with a minus sign.) Statement of Cash Flows (partial) Cash flows from operating activities Net income 701,064 Adjustments to reconcile net income to net cash provided by operating activities S Income statement items not affecting cash Depreciation expense 53.928 Amortization expense-Patents 6,741 Gain on sale of equipment Changes in current operating assets and liabilites Decrease in accounts payable Increase in inventory Increase in accounts receivable Decrease in salares payable 761.733