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. Income Statement Sales Cost of goods sold $589 Cash Flows from Operating Activities Indirect Method Direct Method Net income Adjustments: Decrease in accounts receivable 9 Cash received from customers Increase in inventory Decrease in accounts payable (1) Cash paid to suppliers Increase in salaries payable 10 Cash paid to employees Depreciation expense 16 (Not reported-no cash effect) Decrease in prepaid insurance 17 Cash paid for insurance Loss on sale of land 13 (Not reported-no cash effect) Increase in income tax payable 13 Cash paid for income taxes Net cash flows from operating activities $ 111 Net cash flows from operating activit (35) Salaries expense Depreciation expense Insurance expense Loss on sale of land Income tax expense Net Income 7 5? $ 111 Required: Deduce the missing amounts and prepare the income statement Income Statement