A comparative statement of financial position for Bridgeport Corporation follows: Bridgeport Corporation Statement of Financial Position December 31 Assets 2023 2022 Cash $52,000 $23,200 Accounts receivable 69,600 47,200 Inventory 106,400 64,800 FV-OCI investments in shares 50,400 67,200 Land 52,000 82,400 Equipment 312,000 344,000 Accumulated depreciation-equipment (93,600) (68,800) Goodwill 99,200 138,400 Total $648,000 $698,400 Liabilities and Shareholders' Equity Accounts payable $9,600 $40,800 Liabilities and Shareholders' Equity Accounts payable Dividends payable $9,600 $40,800 12,000 25,600 Notes payable 176,000 268,000 Common shares 212,000 100,000 Retained earnings 230,400 227,200 Accumulated other comprehensive income 8,000 36,800 Total $648,000 $698,400 Additional information: 1. Net income for the fiscal year ended December 31, 2023, was $15,200. 2. 3. 4. 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 $68,800 was sold for proceeds of $76,000. In April 2023, notes payable amounting to $112,000 were retired through the issuance of common shares. In December 2023, notes payable amounting to $20,000 were issued for cash. FV-OCI investments were purchased in July 2023 for a cost of $12,000. By December 31, 2023, the fair value of Bridgeport's portfolio of FV-OCI investments decreased to $50,400. No FV-OCI investments were sold in the year. 6. 7. On December 31, 2023, equipment with an original cost of $32.000 and accumulated depreciation to date of $9,600 was sold for proceeds of $16,800. No equipment was purchased in the year. Dividends on common shares of $25,600 and $12,000 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. 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. 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 eg.-15,000 or in parenthesis eg. (15,000).) BRIDGEPORT CORPORATION Statement of Cash Flows (a) Adjustments to reconcile net income to net cash used by operating activities: > $ > < < During the year, Bridgeport retired $ in notes payable by issuing common shares.