E 21-23 Cash flows from operating activities (direct method) LO21-3 Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2016($ in millions) Sales Cost of goods sold Gross margin Depreciation expense $ 660 250 410 Salaries expense $110 90 Patent amortization expense 5 Interest expense Loss on sale of land 523 20 228 Income before taxes Net Income 182 Income tax expense 91 $ 91