Ayayai's Custom Clothing Ltd. (ACC) sells branded clothing to resorts and corporations. The company's comparative financial statements are presented below. AYAYAI'S CUSTOM CLOTHING LTD. STATEMENT OF FINANCIAL POSITION Current Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets Property and equipment December 31 2023 2022 $160,000 $76,200 30,000 25,000 72,000 45,300 9,500 3,000 271,500 149,500 Property and equipment Property and equipment 104,000 145,000 Less: Accumulated depreciation i ($3,400) (54,000) Net property and equipment 49,600 91,000 TOTAL ASSETS $321.100 $240,500 Current liabilities Accounts payable $26,200 $31,400 Salaries payable 9,500 4,700 Interest payable 5,100 8,400 Total current liabilities 40,800 44,500 Loan payable 122,000 112,000 Total liabilities 162,800 156,500 Shareholders' equity Shareholders' equity Common shares Retained earnings Total shareholders' equity TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 19,800 1,400 168,500 82,600 158,300 84,000 $321,100 $240,500 AYAYAI'S CUSTOM CLOTHING LTD. INCOME STATEMENT For the Years Ended December 31 2023 2022 Sales revenue $905,000 $784,000 Cost of sales 639,000 526,000 Gross margin 266,000 258,000 Expenses Salaries expense 101,000 94,000 Interest expense 4,800 1,900 Other expenses 8,100 5,700 Depreciation expense 30,000 31,500 Total expenses 143,900 133,100 Operating income 122.100 124 900 C Operating income 122,100 124,900 Loss on disposal of equipment 2,400 1,100 Income tax expense 30,525 17,200 Net income $89,175 $106,600 Following is additional information concerning ACC's transactions during the year ended December 31, 2023 . Equipment costing $33,000 was purchased by paying $26,000 cash and issuing 400 common shares. Equipment costing $74,000 that was purchased at the beginning of 2022 was sold at the end of 2023 for $42,000. Straight- line depreciation had been used with an expected asset life of 5 years and a residual value of . The "other expenses" relate to prepaid items. In order to supplement its cash, ACC increased its bank loan by $10,000. Cash dividends of $33.275 were paid at the end of the fiscal year. $0. of sales rect labour cost Prepare a statement of cash flows for ACC for the year ended December 31, 2023, using the direct method. ACC follows ASPE. (Show amounts that decrease cash flow with either a negative sign eg.-15,000 or in parenthesis e.g. (15,000).) Cash Flows from Operating Activities Cash Received from Customers Ayayal's Custom Clothing Ltd. Statement of Cash Flows For the Year Ended December 31, 2023 900000 Cash Paid to Suppliers Cash Paid to Employees Cash Paid for Interest Cash Paid for Taxes