Staley Inc. reported the following data:

Line Item Description Amount

Net income $$370,500$

Depreciation expense $73,600$

Loss on disposal of equipment $31,700$

Increase in accounts receivable $24,200$

Increase in accounts payable $10,900$

Prepare the "Cash flows from $($used for$)$ operating activities" section of the statement of cash flows, using the indirect method. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

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Staley Inc.

Statement of Cash Flows $($partial$)$

Line Item Description Amount Amount

Cash flows from $($used for$)$ operating activities:

Net income

$Net income

$370,500$

Adjustments to reconcile net income to net cash flows from $($used for$)$ operating activities:

Depreciation

Depreciation

$73,600$

Loss on disposal of equipment

Loss on disposal of equipment

$31,700$

Changes in current operating assets and liabilities:

Increase in accounts receivable

Increase in accounts receivable

$24,200$

Increase in accounts payable

Increase in accounts payable

$10,900$

Net cash flows from operating activities $Net cash flows from operating activities