11-3B-Cash Flow Statement The financial statements of CGP Inc. are presented below: CGP Inc. Balance Sheet As at April 30 Cash Accounts receivable Inventory Prepaid insurance Building and equipment Accumulated depreciation Total assets 2024 $58,500 40,000 41,000 1,000 67,000 (31,000) $176,500 2023 $18,000 32,000 37,000 1,200 88,000 (35.000) $141.200 Accounts payable Salaries payable Dividends payable Income taxes payable Bank loan payable Common shares Retained earnings Total liabilities and shareholders' equity $20,000 3,000 1,000 800 25,000 7,000 119.700 S176,500 $18,000 5,000 500 2,000 0 5,000 110.700 $141.200 CGP Inc. Income Statement For the Year Ended April 30, 2024 Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense Income before taxes Income taxes Net income $125,000 48.000 77,000 58.000 19,000 1,500 17,500 4.500 $13,000 Additional information: 1.) Operating expenses are composed of: Depreciation $8,000; Salaries $41,000; Gain on Sale of Equipment $7,000; other operating expenses $16,000. 2.) Prepaid insurance is related to the other operating expenses. 3.) Equipment was purchased during the year for $10,000 cash. 4.) Equipment was sold for cash during the year. The original cost of the equipment was $31,000, and the accumulated depreciation was $12,000. 5.) Dividends were declared and paid during the year. Required: Prepare a cash flow statement using the direct method or indirect method or both (depending on what your instructor