Cash Flows from Operating Activities-Indirect Method Staley Inc. reported the following data: Net income $489,100 Depreciation expense 60,000 Loss on disposal of equipment 29,400 16,400 Increase in accounts receivable Increase in accounts payable 10,000 Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Staley Inc. Statement of Cash Flows (partial) Cash flows from operating activities: Net income $ 489,100 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation expense 60,000 Loss on disposal of equipment 29,400 Changes in current operating assets and liabilities: Increase in accounts receivable 16,400 Increase in accounts payable 10,000 Net cash flow from operating activities