cash flows from operating activities for both the indirect and direct methods are presented for electronic transformations. cash flows from operating activities (indirect method) net income $ 34,500 adjustments to reconcile net income to net cash flows from operating activities: depreciation expense 7,500 increase in accounts receivable (11,500 ) increase in accounts payable 6,500 increase in income tax payable 4,500 net cash flows from operating activities $ 41,500 cash flows from operating activities (direct method) cash received from customers $ 75,500 cash paid for operating expenses (24,500 ) cash paid for income taxes (9,500 ) net cash flows from operating activities $ 41,500 required: complete the following income statement for electronic transformations. assume all accounts payable are to suppliers.