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 $ 644 Sales Cost of goods sold ? Cash Flows from Operating Activities Indirect Method Direct Method Net income $ ? Adjustments : Decrease in accounts receivable 14 Cash received from customers Increase in inventory (28) Decrease in accounts payable (41) Cash paid to suppliers Increase in salaries payable 15 Cash paid to employees Depreciation expense 21 (Not reported-no cash effect) Decrease in prepaid insurance 22 Cash paid for insurance Loss on sale of land 18 (Not reported-no cash effect) Increase in income tax payable 18 Cash paid for income taxes Net cash flows from operating activities $ 101 Net cash flows from operating activities (447) (40) ? ? Salaries expense Depreciation expense Insurance expense Loss on sale of land Income tax expense Net income ? ? (18) n. (38) $ 101 Required: Deduce the missing amounts and prepare the income statement. Income Statement Net Income