A comparative statement of financial position for Bramble Corporation follows: Liabilities and Shareholders' Equity Accounts payable Dividends payable Notes payable Common shares Retained earnings Accumulated other comprehensive income Total $14,400 18,000 264,000 318,000 345,600 12,000$972,000 $61,200 38,400 402,000 150,000 340,800 55,200$1,047,600 1. Net income for the fiscal year ended December 31,2023 , was $22,800. 2. In March 2023, a plot of land was purchased for future construction of a plant site. In November 2023, a different plot of land that originally cost $103,200 was sold for proceeds of $114,000. 3. In April 2023, notes payable amounting to $168,000 were retired through the issuance of common shares. In December 2023 , notes payable amounting to $30,000 were issued for cash. 4. FV-OCl investments were purchased in July 2023 for a cost of $18,000. By December 31,2023 , the fair value of Bramble's portfolio of FVOCl investments decreased to $75,600. No FVOCl investments were sold in the year. 5. On December 31,2023 , equipment with an original cost of $48,000 and accumulated depreciation to date of $14,400 was sold for proceeds of $25,200. No equipment was purchased in the year. 6. Dividends on common shares of $38,400 and $18,000 were declared in December 2022 and December 2023, respectively. The 2022 dividend was paid in January 2023 and the 2023 dividend was paid in January 2024. Dividends paid are treated as financing activities. 7. A loss on impairment was recorded in the year to reflect a decrease in the recoverable amount of goodwill. No goodwill was purchased or sold in the year. (a) Prepare a statement of cash flows using the indirect method for cash flows from operating activities. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).) BRAMBLE CORPORATION Statement of Cash Flows For the Year Ended December 31, 2023 Cash Flows from Operating Activities Net Income / (Loss) Adjustments to reconcile net income to net cash used by operating activities: Increase in Accounts Receivable Increase in Inventory Gain on Disposal of Land Loss on Disposal of Equipment Loss on Impairment Depreciation Expense $33600 62400 $ 22800 62400 10800 8400 58800 51600 vurng tne year, brambe retrea \$ In notes payable by issuing common shares