The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. The amounts for income statement elements are missing Cash Flows from Operating Activities Indirect Method Direct Method Income Statement Net income Adjustments: $ 677 Sales Cost of goods sold $? Decrease in accounts receivable 17 Cash received from customers ?Increase in inventory (34) (47) Cash paid to suppliers Decrease in accounts payable (477) Salaries expense Depreciation expense Insurance expense Loss on sale of land Income tax expense Net income ?Increase in salaries payable ?Depreciation expense ?Decrease in prepaid insurance 18 Cash paid to employees 24 Not reported-no cash effect) 25 Cash paid for insurance 21 Not reported-no cash effect) 21 Cash paid for income taxes (43) (21) 41 Loss on sale of land ?Increase in income tax payable $ 95 Net cash flows from operating activities $ 95 $? Net cash flows from operating activities Required: Deduce the missing amounts and prepare the income statement. Income Statement