2. Cash flows from operating activities (indirect and direct methods). Presented below is the income statement of Cowan, Inc.: $380,000 Sales revenue 225,000 $155,000 Cost of goods sold Gross profit Operating expenses Income before income taxes 95.000 60,000 24.000 S 36,000 Income taes Net income In addition, the following information related to net changes in working capital is presented: Credit Debit $12,000 25,000 Cash Accounts receivable Inventories Salaries payable (operating expenses) Accounts payable Income taxes payable $19,400 8,000 14,000 3,000 The company also indicates that depreciation expense for the year was $16,700 and that the deferred tax liability account increased $2,600. Instructions Prepare a schedule computing the net cash flow from operating activities that would be shown on a statement of cash flows: (a) using the indirect method