ABCD [15 marks; approx. 22 mins] The following details have been provided by Envision Festival Ltd. for the year ended December 31, 2023. Envision Festival Ltd. Income Statement For the Year Ended December 31, 2023 Sales revenue Cost of goods sold Gross profit Salaries \& wages expense Depreciation expense Income from operations Gain on sale of Patents Income before income tax Income tax Net income 1,200,000600,000600,000400,000100,000100,00020,000120,00030,00090,000 21 Envision Festival Ltd. 21 Statements of Financi 2324AssetsCash 25 Accounts receivable 26 Inventory 27 Land 28 Property, plant \& equipment, Cost 29 Accumulated depreciation 30 Intangible assets - patents 31 Total Assets 32 Liabilities \& Shareholders' Equity 33 Accounts payable 34 Bonds payable 35 Common shares Retained earnings Total liabilities \& Shareholders' Equity Additional Information: Patents were sold at gain of the following amount Issued shares for cash during the year Paid cash dividends during the year 20,000 50,000 30,000 4344REQUIRED:REQ Prepare a statement of cash flows using the indirect method. \begin{tabular}{|c|l|l|} \hline 46 & Envision Festival Ltd. \\ \hline 47 & E \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline 47 & Statement of Cash Flows (Indirect Method) \\ \hline 48 & For the year ended December 31, 2023 \\ \hline 49 & S. \\ \hline \end{tabular} 50 Cash provided by (used in) operating activities 51 Net Income 52 53 55 57 58 59 Cash provided by (used in) operating activities 60 Cash provided by (used in) investing activities 61 62 63 Cash provided by (used in) investing activities 64 Cash provided by (used in) financing activities 65 66 67 68 Cash provided by (used in) financing activities 69 Net Increase (Decrease) in cash 70 Cash \& equivalents, beginning of year Cash & equivalents, end of year