Cash flows from operating activities for both the indirect and direct methods are presented for Electronic Transformations.

Cash Flows from Operating Activities (Indirect method) Net income $ 38,000 Adjustments for noncash effects: Depreciation expense 10,000 Changes in current assets and current liabilities: Increase in accounts receivable (11,000) Increase in accounts payable 8,000 Increase in income tax payable 6,000 Net cash flows from operating activities $ 51,000 Cash Flows from Operating Activities (Direct method) Cash received from customers $ 112,000 Cash paid for operating expenses (26,000) Cash paid for income taxes (35,000) Net cash flows from operating activities $ 51,000

Required:

Complete the following income statement for Electronic Transformations. Assume all accounts payable are to suppliers (operating expenses). (Input all amounts as positive values. Omit the "$" sign in your response.)

ELECTRONIC TRANSFORMATIONS Income Statement For the year ended December 31, 2012 Revenues $ Expenses: Operating expenses Depreciation expense 10,000 Income tax expense Total expenses Net income $ 38,000