value: 4.00 points 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 12 Cash received from customers 612 Cost of goods sold ncrease in inventory (24) (36) Cash paid to suppliers Decrease in accounts payable 420 Salaries expense Increase in salaries payable 12 Cash paid to employees 66 Depreciation expense Depreciation expense 18 (Not reported no cash effect) Insurance expense Decrease in prepaid insurance 18 Cash paid for insurance (24) Loss on sale of land Loss on sale of land 12 (Not reported no cash effect) Income tax expense ncrease in income tax payable 12 Cash paid for income taxes 42 Net cash flows from operating activities $60 Net cash flows from operating activities 60 Net income Required Deduce the missing amounts and prepare the income statement. Income Statement