Below is the comparative balance sheet for Lambrinetta Industries Ltd.:

Additional information:
1. Net income for the year ended December 31, 2021 was $161,500.
2. Cash dividends were declared and paid during 2021.
3. Plant assets with an original cost of $51,000 and with accumulated depreciation of $13,600 were sold for proceeds equal to book value during 2021.
4. The investments are reported at their fair value on the balance sheet date. During 2021, investments with a cost of $12,000 were purchased. No other investment transactions occurred during the year. Fair value adjustments are reported directly on the income statement.
5. In 2021, land was acquired through the issuance of common shares. The balance of the common shares issued were for cash.

Required: Using the indirect method, prepare the statement of cash flows for the year ended December 31, 2021 in good form including all required disclosures identified in Chapter 4. The company follows ASPE.

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Lambrinetta Industries Ltd. Balance Sheet December 31 2021 2020 Assets: Cash Accounts receivable $ 32,300 $ 40,800 79,900 107,100 Investments trading (FVNI) Land Plant assets 88,400 81,600 86,700 49,300 425,000 345,100 Accumulated depreciation - plant assets (147,900) (136,000) Total assets $ 564,400 $ 487,900 Liabilities and Equity: Accounts payable $ 18,700 $ 6,800 Current portion of long-term note 8,000 10,000 Long-term note payable Common shares Retained earnings Total liabilities and equity 119,500 75,000 130,900 81,600 287,300 314,500 $564,400 $ 487,900