\begin{tabular}{|c|l|l|l|} \hline 1 & Required: \\ \hline 2 & Complete the statement of cash flows (indirect method) shown below by using formulas that reference \\ \hline 3 & data from the income statement and balance sheet (found by clicking the tabs at the bottom of this \\ \hline 4 & worksheet. Note: Blank cells may be included in calculations. \\ \hline 5 & \\ \hline 6 & \multicolumn{2}{|c|}{ INNOVATION ELECTRONICS, INC. } \\ \hline 7 & \multicolumn{2}{|c|}{ For the Year Ended December 31, 20X2 } \\ \hline 8 & \multicolumn{2}{|c|}{} \\ \hline 9 & Cash Flows from Operating Activities: & \\ \hline 10 & Net income & \\ \hline 11 & Adjustments to reconcile net income to net cash & & \\ \hline 12 & provided by operating activities: & \\ \hline 13 & Depreciation expense & \\ \hline 14 & Gain (on sale of land) & \\ \hline 15 & Changes in current assets and current liabilities: & & \\ \hline 16 & Accounts receivable & \\ \hline 17 & Inventory & \\ \hline 18 & Prepaid insurance & & \\ \hline 19 & Accounts payable & \\ \hline 20 & Interest payable & \\ \hline 21 & Income tax payable & \\ \hline 22 & Net cash provided by (used in) operating activities & \\ \hline \end{tabular}