The following income statement and information about changes in noncash current assets and current liabilities are reported. $1,828,000 991,000 837,000 SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $245,535 Depreciation expense 44,200 Rent expense 49,600 Amortization expenses-Patents 4,200 Utilities expense 18, 125 Gain on sale of equipment Net income 361,660 475, 340 6,200 481,540 $ Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable Inventory $30,500 increase 25,000 increase Accounts payable Salaries payable $12,500 decrease 3,500 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.) X Answer is not complete. Statement of Cash Flows (Partial) Cash flows from operating activities Payments for inventory $ 25,000 X Payments for rent (49,600) Payments for salaries 3,500 X Payments for utilities (18,125) Receipts from customers Gain on sale of equipment (12,500) X 3,500 (48,225)