E12-7 (Algo) Reporting Cash Flows from Operating Activities (Indirect Method) LO12-2 The following information pertains to Peak Heights Company: Income Statement for Current Year Sales Expenses Cost of goods sold $ 85,800 $51,875 Depreciation expense 7,900 Salaries expense 11,000 70,775 Net incone $15,025 Partial Balance Sheet Accounts receivable Inventory Salaries payable Current year year $ 9,900 $15,500 13,400 1,730 8,400 820 Required: Present the operating activities section of the statement of cash flows for Peak Heights Company using the indirect method. (List cash outflows as negative amounts.) PEAK HEIGHTS COMPANY Statement of Cash Flows (Partial