3 1 3 3 7 3 J 0 1 2 3 4 5 6 7 8 9 0 1 2 Net sales | Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income S 2,430,000 . 6,500 1 1 | | 2,436,500 = "] I S 1565000 | | 598000 | | 16000 | | 17000) | | 63000 | [ [ 2,259,000 177,500 \f9 |Cash Flows from Operating Activities: 10 |Net income 177,500 11 Adjustments to reconcile net income to net cash 12 provided by operating activities: 13 Depreciation expense 16,000 14 [Gain (on sale of land) 15 |Changes in current assets and current liabilities: 16 |Accounts receivable 14,300 17 [Inventory 18 Prepaid insurance 19 |Accounts payable 20 Interest payable 21 |Income tax payable 22 Net cash provided by (used in) operating activities 23 24 |Cash Flows from Investing Activities: 25 |Purchase investments ac le l