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 Mtivities Indirect Method Theoee Statement Direct Method $ 570 Cost of goods sold 7 (14) Salaries expense Depreciation expense Insurance expense Loss on sale of land I hecne tax expecse ? 7 7 Decrease in accounts receivable Increase in inventory Decrease in accounts payable Increase in salaries payable Depreciation expense Decrease in prepaid insurance Loss on sale of land Therease in income tax payable Net cash flows from operating activities # Cash received from customers (16) (29) Cash paid to suppliers 9 Cash paid to employees 15 (Not reported-10 cash effect) 16 Cash paid for insurance 12 (Not reported no cash effect 12 Cash paid for Income taxes $11) Net cash flows from operating activities (12) (32) $? Required: Deduce the missing amounts and prepare the income statement Income Statement