The comparative statement of financial position of Sensify Corporation as at December 31, 2023, follows:

Net income of $37,000 was reported and dividends of $13,000 were declared and paid in 2023. New equipment was purchased, and equipment with a carrying value of $5,000 (cost of $12,000 and accumulated depreciation of $7,000) was sold for $8,000.

InstructionsPrepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Sensify prepares financial statements in accordance with ASPE.

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Sensify Corporation Statement of Financial Position December 31 Assets Cash Accounts receivable Equipment Less: Accumulated depreciation Total Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings Total December 31 2023 $ 53,000 91,000 27,000 (10,000) $161,000 2022 $13,000 88,000 22,000 (11,000) $112,000 December 31 2023 $ 20,000 100,000 41,000 $161,000 2022 $ 15,000 80,000 17,000 $112,000