Avonics Ltd., which follows ASPE had the following comparative statement of financial position: Avonics Ltd. Comparative Statement of Financial Position December 31 Assets 2024 2023 Cash $82,000 $50,000 Accounts receivable 136,000 102,000 Inventory 80,000 120,000 Prepaid insurance 10,000 8,000 Equipment 308,000 274,000 Accumulated depreciation-equipment (70,000) (50,000) Total assets $546,000 $504,000 Liabilities and Shareholders' Equity Accounts payable $86,000 $72,000 Salaries and wages payable 12,000 8,000 Income taxes payable 16,000 18,000 Mortgage payable 110,000 124,000 Common shares 220,000 210,000 Retained earnings 102,000 72,000 Total liabilities and shareholders' equity $546,000 $504,000 Additional information: . Net income was $54,600. New equipment was purchased and none was sold. Common shares were issued for cash. . Cash dividends were paid to common shareholders. Prepare the statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) For the Year Ended December 31, 2024 Cash Flows from Operating Activities Net Income/(Loss) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense +A A A A > > > > A > > > A A A > > > >