Additional information regarding 2021: 1. Net income was $15,000. 2. Trading investments consist of term deposits, which are short-term, highly liquid debt investments maturing, in this case, in 60 days. 3. A loss of $21,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 4. A gain on disposal of $20,000 was recorded when an old building was sold for $45,000 cash. A new building was purchased for $510,000 and depreciation expense on buildings for the year was $45,000. 5. Equipment costing $73,000 was purchased while a loss of $11,000 was recorded on equipment that originally cost $45,000 and was sold for $21,000. 6. The company received $514,000 from new bank loans during the year. 7. Dividends were declared and paid during the year. 8. No common shares were issued during the year, but some were bought back and retired at the amount they were originally issued at. PHAROAH LTD. Statement of Cash Flows Year Ended December 31, 2021 Cash flows from operating activities Net income $ 15000 Adjustments to reconcile net income to Net cash provided by operating activities v Depreciation expense $ Loss on disposal of land Gain on disposal of building Loss on disposal of equipment Increase in accounts receivable Increase in inventory Decrease in accounts payable Increase in interest payable Decrease in income tax payable Net cash used by operating activities Cash flows from investing activities Purchase of building $ Purchase of building Purchase of equipment Proceeds from disposal of land Proceeds from disposal of equipment Proceeds from disposal of building Cash flows from financing activities Additions to bank loan Repayments of bankloan Dividends paid Net decrease in cash Cash and cash equivalents, January 1 $ Net cash provided by financing activities