3. -Statement of Cash Flows Shubenacadie Ltd. Balances at December I Account 2014 2013 $13,000 9,750 9,100 2.500 Cash Accounts Receivable Inventorv FV-NI investments Buildings Equipment Patent Total Debits llowance for Doubtful Accounts Accumulated depreciation $38,700 11.600 10.600 40.500 14.000 $1,400 $1,500 2.000 3,300 5,700 7,750 3.300 6,000 Equipment Buildings Accumulated Amortization- Patent Accounts Payable Dividends Payable Notes Payable (short term Notes Pavable (long term Share Capital Retained Earning Total Credits 9.000 4.400 3.400 30,500 43.000 21.700 5,000 Additional information related to 2014 a. Equipment that cost $10,500 and was 50% depreciated at the time of disposal was sold for $2,600 b. $10,000 of common shares was issued in 2017 and directly applied to the long-term note payable. c. Cash dividends in the amount of $6,000 were paid. Shubenacadie has adopted the policy of classifying dividends paid as operating activities A flood destroyed the building on January 1,2014. Insurance proceeds were $23,000 FV-NI investments were sold at $3,300 above their cost. The fair value of the investments at December 31 2013 equalled their original cost. A new piece of equipment was acquired at a cost of S17,000 (all cash) Shubenacadie issued a long-term note in the amount of $15,500 in exchange for new equipment Cash payments included $2,200 for interest and $5,600 for income taxes. Shubenacadie classifies interest paid as a financing activity d. e. f. g. h. Required: [20 marks] 1. Prepare a Statement of Cash Flows using the indirect method (Hint: you will need to calculate some balances required for the Statement using the financial information provided)