11.2024 are BigVNIMO Cash Flow Statement (50 Points) The Balance Sheet and Income Statement for "Kiften Mittens" for the year-ending December 31, 2024 as follows: 12/31/20X4 Kitten Mittens Comparative Balance Sheets Assets 12/31/2003 Current Assets: Cash and cash equivalents $130,000 Accounts Receivable, net 420,000 Inventory 530,000 Total Current Assets 1,080,000 $71,000 369,000 418,000 858,000 Land Property & Equipment - at cost Less Accumulated depreciation Net Property & Equipment Total Assets 242,500 750,000 (425,000) 325,000 $1,647,500 321,000 999,000 (526,000) 473,000 $1,652,000 Liabilities and Equity Current Liabilities: Accounts payable - trade Interest Payable Total Current Liabilities $195,000 20,000 215,000 $249,000 19,000 268,000 240,000 Note Payable Common Stock Retained Earnings 250,000 875,000 307,500 1,125,000 19,000 Total Liabilities and Stockholders' Equity $1,647,500 $1,652,000 QUESTION CONTINUES ON FOLLOWING PAGE Kitten Mittens Income Statement For year ended December 31, 20X4 Revenues Expenses Cost of Goods Sold 1,354,000 $2,400,000 Wages and Salaries Expense Depreciation Expense Interest Expense Income Tax Expense Total Expense Less: Loss on Sale of Equipment Net Income 320,000 190,000 12,000 65,000 (1,941,000) (38,000) $421,000 Other available information: Old equipment was sold for $144,000 in cash and resulted in a loss of $38,000. Dividends were declared and paid to common stockholders during the year. No new debt was issued and no land was sold. Required: 1) Show the Journal Entry for the sale of the equipment (you need this for the second part) aded December 2) Prepare a Statement of Cash Flows for Kitten Mittens for the year ended De 31, 2024 under IFRS GAAP. Use the indirect method to calculate cash flows from operations