Portions of the financial statements for parnell company are provided below. parnell companyincome statementfor the year ended december 31, 2016($ in 000s) revenues and gains: sales $740 gain on sale of buildings 12 $ 752 expenses and loss: cost of goods sold $270 salaries 114 insurance 34 depreciation 117 interest expense 44 loss on sale of machinery 11 590 income before tax 162 income tax expense 81 net income $ 81 parnell company selected accounts from comparative balance sheets december 31, 2016 and 2015 ($ in 000s) year 2016 2015 change cash $128 $106 $22 accounts receivable 318 222 96 inventory 327 419 (92 ) prepaid insurance 67 82 (15 ) accounts payable 204 123 81 salaries payable 114 99 15 deferred income tax liability 72 58 14 bond discount 178 206 (28 )required: 1. prepare the cash flows from operating activities section of the statement of cash flows for parnell company using the direct method. (enter your answers in thousands (i. e., 5,000 should be entered as 5). amounts to be deducted should be indicated with a minus sign.)2. prepare the cash flows from operating activities section of the statement of cash flows for parnell company using the indirect method. (enter your answers in thousands (i. e., 5,000 should be entered as 5). amounts to be deducted should be indicated with a minus sign.)