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 37 Decrease in accounts receivable 20 Cash received from customers Cost of goods sold 7 Increase in inventory 140) Decrease in accounts payable 153) Cash paid to suppliers Salaries expense 7 Increase in salaries payable 21 Cash paid to employees Depreciation expense Depreciation expense 27 (Not reported-no cash effect) Insurance expense 1 Decrease in prepaid Insurance 28 Cash paid for insurance Loss on sale of land 7 Loss on sale of land 24 (Not reported to cash effect) Income tax expense Increase in income tax payable 24 Cash paid for income taxes Net Income 51 Net cash flows from operating activities $ Net cash flows from operating activities $ 710 (507) (46) (24) (44) $ 89 Required: Deduce the missing amounts and prepare the income statement