SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $ 279,891 Depreciation expense 49,032 Rent expense 55,161 Amortization expenses-Patents 6,129 Utilities expense 22,473 $2,043,000 1,001,070 1,041,930 Gain on sale of equipment Net income 412,686 629,244 8,172 $ 637,416 Accounts receivable Inventory $32,550 increase 25,150 increase Accounts payable Salaries payable $ 8,850 decrease 5,800 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows (Partial) Cash flows from operating activities