3-Cash Flow Statement Lakanto Inc. has the following balance sheet and income statement information as at December 31, 2021, and for the year then ended: Lakanto Inc. Income Statement For the Year Ended December 31, 2021 Sales $102,000 Cost of goods sold 40,000 Gross profit 62,000 Gain on sale of equipment 2,000 Depreciation expense 5,000 Wages expense 24,000 Other Operating Expenses 18,000 Operating income 17,000 Income taxes 3,000 Net income $14.000 Account Balances - December 31 Cash Accounts receivable, net Prepaid Insurance Building and equipment Accumulated depreciation Accounts payable Wages payable L-T Debt Payable Common shares Retained earnings 2021 2020 $39,300 $31,500 50,000 28,000 40,000 38,200 74,000 43,000 -52,000 -21,000 30,000 22,500 2,500 1,000 15,800 14,800 12,000 3,000 90,000 78,400 Additional information: Equipment was purchased for $20,000 cash. Equipment with an original cost of $28,000 and accumulated amortization of $12,000 was sold. The company declared dividends during the year. Other operating expenses are cash expenses. The company's sales are credit sales. The company's inventory purchases are all on account. Required: Based on the information above, complete the statement of cash flows using both the direct and indirect methods for the year ended December 31, 2021.