Using the following income statement and additional year-end information. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $240,435 Depreciation expense 42,120 Rent expense 47,385 Amortization expenses-Patents 5, 265 Utilities expense 19,305 $1,755,000 859,950 895,050 Gain on sale of equipment Net income 354,510 540,540 7,020 $ 547,560 Accounts receivable Inventory $21,950 increase 31,275 increase Accounts payable Salaries payable $ 8,325 decrease 5,650 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.) X Answer is not complete. Statement of Cash Flows (Partial) Cash flows from operating activities Receipts from customers Payments for inventory Payments for rent Pavments for salaries 42,120 X 5,265 X Gain on sale of equipment 7,020 547,560 Net income $ Accounts receivable Inventory $21,950 increase 31,275 increase Accounts payable Salaries payable $ 8, 325 decrease 5,650 decrease Prepare the operating activities section of the statement of cash flows using the direct method. (Amounts to be indicated with a minus sign.) Answer is not complete. Statement of Cash Flows (Partial) Cash flows from operating activities Receipts from customers Payments for inventory Payments for rent Payments for salaries Payments for utilities 0 0 42,120 X 5,265 X 19,305 X 8,325 x 5,650 X Sales x Net cash used in operating activities $ 80,665