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com o Assignment 810 6 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 love from Operating activitie D irect Mether Activities Indirect Method Cost of goods sold Salaries expense Depreciation expense Insurance expense Loss on sale of land Income tax expense Net income Net income Adjustments Decrease in accounts receivable Increase in inventory Decrease in accounts payable Increase in salaries payable Depreciation expense Decrease in prepaid insurance Loss on sale of land Increase in income tax payable Net cash flows from operating activities 22 Cash received from customers (46) (57) Cash paid to suppliers 23 Cash paid to employees 29 (Not reported-no cash effect) 30 Cash paid for insurance 26 Not reported-no cash effect) 26 Cash paid for income taxes $ 85 Net cash flows from operating activ $? Required: Deduce the missing amounts and prepare the income statement. Income Statement ? ? Salaries expense Depreciation expense Insurance expense Loss on sale of land Income tax expense Net income ? ? $? Increase in salaries payable Depreciation expense Decrease in prepaid insuranc Loss on sale of land Increase in income tax payab Net cash flows from operatin Required: Deduce the missing amounts and prepare the income statement Income Statement