Exercise 16-4 Indirect: Cash flows from operating activities LO P2 The following income statement and information about changes in noncash current assets and current liabilities are reported SONAD COMPANY Income Statement For Year Ended December 31, 2017 Sales Cost of goods sold Gross profit Operating expenses $1,543,000 756,070 786,930 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense $211,391 37,032 41,661 4,629 16,973311,686 475,244 6,172 $ 481,416 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 $12,150 increase Accounts payable 17,400 increase Salaries payable $14,750 decrease 4.350 decrease Reauired