Exercise 12-4 Indirect: Cash flows from operating activities LO P2 The following income statement and information about changes in noncash current assets and current liabilties are reported. SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,588,000 774,280 885,88 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense $216,460 37,928 42,660 4,740 17,380 319,160 486,640 6,320 s 492,964e Gain on sale of equipment Net income Changes in current asset and current liability accounts for the year that relate to operations follow. Accounts receivable Inventory $48,790 increase 18,850 increase Accounts payable Salaries payable 510,825 decrease 3,600 decrease Required Pr epare only the cash flows from operating activities section of the statement of cash flows using the indirect method (Amounts to be deducted should be indicated with a minus sign.) Required: Prepar deducted should be indicated with a minus sign.) from operating activities section of the statement of cash flows using the indirect method.(Amounts to be of Cash Flows (partial) Cash flows from operating activities Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities