8) New Day Corporation (NDC) reported the following information on its statements of financial position as at December 31, 2022 and 2021 and on it statement of earnings for the year ended December 31, 2022. Additional information provided by NDC includes: . During 2022, the company sold land for $5,500. The company had originally purchased the land for $5,000. Notes payable are classified as an operating activity for this company. Dividends were declared and paid in 2022. New Day Corporation Statement of Financial Position at December 31 2022 2021 Cash Accounts receivable Inventory $7,000 $5,000 57,000 60,000 New Day Corporation 91,000 87,000 Statement of Earnings Prepaid insurance Land 6,000 70,000 75,000 4,500 for the year ended December 31, 2022 Plant assets 100,000 96,000 Sales $865,000 Accum depre: plant assets -34,000 -23,000 Cost of goods sold 612,000 Total assets $297,000 $304,500 Gross profit 253,000 Accounts payable Salaries payable $53,000 $64,000 Operating expenses: Depreciation Selling and general Notes payable Contributed capital Retained earnings 14,000 12,500 30,000 39,000 60,000 55,000 140,000 134,000 Earnings from operations Gain on sale of land Earnings before income taxes Income tax expense Total liabilities and shareholders' equity $297,000 $304,500 Net earnings 11,000 218,000 24,000 500 24,500 7,500 $17,000 Required (20 marks): Using the indirect method, prepare a statement of cash flows for New Day Corporation for the year ended December 31, 2022.