WOUL . MIJ JUUNIJ WIL J LUNTELIUI MILITELL IUF the work you have completed s The following income statement and additional year-end information is provided. SONAD COMPANY Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses Salaries expense $300, 167 Depreciation expense 52,584 Rent expense 59,157 Amortization expenses-Patents 6,573 Utilities expense 24, 101 $2,191,000 1,073,590 1,117,410 Gain on sale of equipment Net income 442,582 674,828 8,764 683,592 $ Accounts receivable Inventory $43,600 increase 39,725 increase Accounts payable Salaries payable $14,350 decrease 1,600 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. (Amou indicated with a minus sign.) Accounts receivable Inventory $43,600 increase 39,725 inerer Accounts payable salaries payable $14,350 decrease 1,600 decrease Prepare the operating activities section of the statement of cash flows using the indirelt method. (Amounts to be deducted should be indicated with a minus sign.) Answer is complete but not entirely correct. Statement of Cash Flows (partial) Cash flows from operating activities Net Income 683,592 Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Depreciation expense 55,368 Amortization expense Patents 6,921 Gain on sale of equipment (9.228) Changes in current operating assets and liabilities Increase in accounts receivable Increase in inventory Decrease in accounts payable Decrease in salaries payable OOO (35,400) (28,050) (11.000) (3,100) Net cash provided by operating activities $ 659,103