The following income statement and information about changes in noncash current assets and current liabilities are reported. Assume all sale as credit sales, all purchases of inventory are on credit. SONAD COMPANY Income Statement For Year Ended December 31, 2016 Sales Cost of goods sold Gross proft Operating expenses $2,297,000 1,125,530 1,171,470 Salaries expense Depreciation expense Rent expense Amortization expenses Patents Utilities expense $314,689 55,128 62,019 6,891 Gain on sale of equipment Net income 25,267 463,994 707,476 9,188 $716,664 Changes in current asset and current liability accounts for the year that relate to operations follow Accounts receivable Inventory 16,050 increase Accounts payable 35,750 increase Salaries payable $14,500 decrease 3,800 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.) Statement of Cash Flows (Partial) Cash flows from operating activities