Cash flows from (used for) operating activities-indirect method The net income reported on the income statement for the current year was $152,400. Depreciation recorded on store equipment for the year amounted to $25,100. Balances of the current asset and current liability accounts at the beginning and end of the year are as follows: End of Year Beginning of Year Cash $58,980 $54,260 Accounts receivable (net) Inventories 42,290 40,100 57,740 61,040 Prepaid expenses 6,490 5,150 Accounts payable (merchandise creditors) Wages payable 55,260 30,200 51,330 33,530 a. Prepare the "Cash flows from (used for) 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. Statement of Cash Flows (partial) Line Item Description Amount Amount Cash flows from (used for) operating activities: Net income 152,400 Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation 25,100 Changes in current operating assets and liabilities: