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 Income Statement Indirect Method Direct Method Net income Adjustments: Sales Decrease in accounts receivable 24 Cash received from customers $ 754 Cost of goods sold ? Increase in inventory (48) Decrease in accounts payable (61) Cash paid to suppliers (547) Salaries expense ? Increase in salaries payable 25 Cash paid to employees (50) Depreciation expense ? Depreciation expense 31 (Not reported-no cash effect) Insurance expense ? Decrease in prepaid insurance 32 Cash paid for insurance (28) Loss on sale of land ? Loss on sale of land 28 (Not reported-no cash effect) Income tax expense ? Increase in income tax payable 28_Cash paid for income taxes (48) Net income $? Net cash flows from operating activities $ 81 Net cash flows from operating activities $ 81 Required: Deduce the missing amounts and prepare the income statement. Answer is not complete. Income Statement $ 754 X Sales Cost of goods sold Salaries expense Depreciation expense Insurance expense Loss on sale of land (24) X (25) (31) (32) X OOOO (112) Income tax expense Net income 642