Show Me How Cash Flows from (Used for operating Activities The net income reported on the income statement for the current year was $290,000. Thereciation recorded on equipment and a bugated to 515,500 for the year. Balances of the current asset and current liability accounts at the beginning and end of the years follows: End Beginning of Year of Year Cash $117,600 $135.000 Accounts receivable (net) 132,500 141,100 Inventaries 291,900 274,00 Prepaid expenses 5,600 7.100 143,400 172400 Salanes payable 11.300 6,300 Accounts povable (eherchandise creditors) # Part the CashHows from cus) Operating Activities of the the direct method. Use the mus on ta ndichows, payments, decreases in cash, or any negative adjustment Statement of Cash Flows (partial Cash flows from used for operating activities Adjustments to reconcile net income to net cath flow from used for operating stivities 000 Changes in current operating assets and the Check My Work an Sometrowy All work wed 2. Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows, using the indirect method. Use the minas sa te indicates payments, decreases in cash, or any negative adjustments Statement of Cash Flows (partial) Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities Changes in current operating assets and liabilities: