\begin{tabular}{|c|c|c|} \hline \multirow[t]{2}{*}{ Retained earnings } & 127,300 & 120,000 \\ \hline & $543,500 & $462,000 \\ \hline \end{tabular} Prepare the company's statement of cash flows for 2024 using the indirect method. Assume Pharoah follows IFRS and has chosen to classify dividends paid as financing activities. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Additional information: 1. Some of the land was sold at book value (or carrying value). As a result, there was no gain or loss on this transaction. 2. Equipment costing $48,000 was sold for $18,000, which was $7,500 more than its book value at the time of disposal. PHAROAH COMPANY Comparative Statement of Financial Position \begin{tabular}{|c|c|c|} \hline & Dec. 31, 2024 & Dec. 31, 2023 \\ \hline \multicolumn{3}{|l|}{ Assets } \\ \hline Cash & $62,000 & $42,000 \\ \hline Accounts receivable & 71,000 & 54,000 \\ \hline Inventories & 130,000 & 93,000 \\ \hline Property, plant, and equipment & 280,000 & 240,000 \\ \hline Accumulated depreciation & (79,500) & (70,000) \\ \hline \multirow[t]{2}{*}{ Land } & 80,000 & 103,000 \\ \hline & $543,500 & $462,000 \\ \hline \multicolumn{3}{|c|}{ Liabilities and shareholders' equity } \\ \hline Accounts payable & $58,000 & $44,000 \\ \hline Income taxes payable & 14,000 & 16,000 \\ \hline Bonds payable & 124,200 & 92,000 \\ \hline Commor & 220,000 & 190,0 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{c} PHAROAH COMPANY \\ Statement of Income \\ For the year ended December 31, 2024 \end{tabular}} \\ \hline Sales revenue & $400,000 & \\ \hline \multirow[t]{2}{*}{ Gain on sale of equipment } & 7,500 & \\ \hline & & $407,500 \\ \hline \multicolumn{3}{|l|}{ Less: } \\ \hline Cost of goods sold & 200,000 & \\ \hline Operating expenses (excluding depreciation) & 68,000 & \\ \hline Depreciation expense & 47,000 & \\ \hline Income taxes & 32,000 & 347,000 \\ \hline Net income & & $60,500 \\ \hline \end{tabular}