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Question 2 Partially correct Mark 2.00 out of 4,00 P Flag question Edit question (Appendix 3A) Converting Indirect Method Cash Flows to Direct Method Cash Flows The Burnet Corporation disclosed the following statement of earnings in its current annual report (amounts in thousands): Earnings Statement Current Year Revenues Cost of goods sold Gross margin Depreciation and amortization expense Selling, general and administrative expenses Operating income Unusual gain on sale of land $2,430 (1,200) 1,230 (260) (240) 730 70 Net income $800 In addition, the company reported the following data regarding its operating cash flow in its year-end statement of cash flow (amounts in tl Statement of Cash Flow (Indirect Method) Current Year Operating activities Net income $800 Depreciation and amortization expense 260 Accounts receivable (250) Inventory (5) Accounts payable 50 Gain on sale of land (70) Cash flow from operating activities $785 Using the above information for the current year, construct the Burnet Corporation's cash flow from operating activities on a direct method Current Year $ 1,110 x (in thousands) Operating activities Cash from sales Cash for cost of goods sold Cash for selling, general and administrative expenses Cash flow from operations 85 x (240) 785 $