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SAS appy Pound Corporation has asked you, CPA, to prepare the operating section of their Statement of Cash Flows using the direct ethod. The Statement of Financial Position and Statement of Income are provided below. Iditional information: Equipment that originally cost $44,000, and had a book value of $36,000 at the time of the sale was sold for $30,000 during the ar. Depreciation for the year was included in Selling and admin expenses. Bonds were retired at par. Dividends were declared and paid in the year in the amount of $24,000. equired (12 marks): Prepare the operating section of the Statement of Cash Flows for the company using the direct method. DOLL Provy Podpora Sesamone e del Patron asof et Doors Cash Accounts Receivable Inventory Propery, Plant & Equipment Accum depre - PPE $51,000 $24,000 45,000 27 DOO 48,000 60,000 76,000 120,000 40,000 38,000 $180,000 $193,000 Accounts Payable Income taxes Payable Bonds Payable Common Shares Retained Earnings $22,000 $12,000 44,000 49,000 45,000 75,000 27,000 27,000 42,000 30,000 $180,000 $193,000 Statermant of Income year ended December 31, 2020 Sales Cost of goods sold Gross profit Selling and admin expenses Income from operations Loss on sale of equipment Interest expense Income before taxes Income taxes Net income $1,050,000 894,000 156,000 93,000 63,000 6,000 9,000 48,000 12,000 $36,000

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