Help Save & Exit Submit $ ? The following schedule relates the income statement with cash flows from operating activities, derived by both the direct and indirect methods. The amounts for income statement elements are missing, Cash Flows from Operating Activities Income Statement Indirect Method Direct Method Net income Adjustments: Sales Decrease in accounts receivable 24 Cash received from customers Cost of goods sold Increase in inventory (48) Decrease in accounts payable (61) Cash paid to suppliers Salaries expense Increase in salaries payable Cash paid to employees Depreciation expense Depreciation expense 31 (Not reported-no cash effect) Insurance expense Decrease in prepaid insurance 32 Cash paid for insurance 28 Loss on sale of land (Not reported-no cash effect) Loss on sale of land 28 Increase in income tax payable Cash paid for income taxes Income tax expense $? $ 81 Net income Net cash flows from operating activities Net cash flows from operating activities Required: Deduce the missing amounts and prepare the income statement. Income Statement UI IUus the income statement with cash flows from operating activities, derived by both the direct and indirect unts for income statement elements are missing ement $ 754 Cash Flows froe Operating Activities Indirect Method Net income Direct Method Adjustments : Decrease in accounts receivable 24 Cash received from customers Increase in inventory (48) Decrease in accounts payable (61) Cash paid to suppliers Increase in salaries payable Cash paid to employees Depreciation expense 31 (Not reported-no cash effect) Decrease in prepaid insurance 32 Cash paid for insurance Loss on sale of land 28 (Not reported-no cash effect) Increase in income tax payable 28 Cash paid for income taxes Net cash flows from operating activities $ 81 Net cash flows from operating activities (547) (se) nd (28) ? ? ? $? mounts and prepare the income statement. Income Statement Required: Deduce the missing amounts and prepare the income statement Income Statement T