2. Cash flows from operating activities (indirect and direct methods) Presented below is the income statement of Cowan, Inc Sales revenue $380,000 225.000 $155,000 95,000 60,000 24.000 36.000 Cost of goods sold Gross profit Operating expenses Income before income taxes Income taxes Net income In addition, the following information related to net changes in working capital is peened Cetit Debit $12.000 25.000 Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income taxes payable 8,000 3,000 The company also indicates that depreciation expense for the year was $16,700and that the deferred tax liability account increased $2,600. Instructions Prepare a schedule computing the net cash flow from operating activities that would he shown a statement of cash flows: (a) using the indirect method