Below is the comparative statement of financial position for Bentley Inc., a company that reports under IFRS. In addition, Bentley Inc.'s income statement for 2017 is presented. 1. The company uses the equity in earnings method to account for its 35% shares investment in associate, Courtland Corp. No shares were purchased or sold during the year. 2. During fiscal 2017, the company declared and paid cash dividends. Share dividends were also declared and distributed ($2,600). 3. Bentley Inc. paid $15,000 cash to retire common shares which had an average cost of $8,000. 4. During fiscal 2017, a patent was purchased for $2,100 cash. 5. Equipment at a net book value of $16,000 was sold for cash during the year. It was originally purchased for $17,500. Prepare a statement of cash flows using the indirect method. Be sure to include the two subheadings in the operating activities section regarding the adjustments to net income for non-cash items and the ca in (out) from the working capital accounts. Please make sure your final answer(s) are accurate to 2 decimal places. Bentley Inc. Balance Sheet Bentley Inc. Statement of Cash Flows For the Year Ended July 31, 2017 Cash Accounts receivable, net Inventory HTM investments Investment, Courtland Corp Patents Equipment Accumulated depreciation, equipment Total assets Accounts payable Income tax payable Dividends payable Bonds payable Common shares Contributed surplus Retained earnings Total liabilities and shareholders' equity Jul 31, 2017 $14,800 19,600 18,800 200 17,700 2.100 35,500 18.700 $90,000 $12.900 13,000 3,500 17,200 31,400 3,400 8,600 $90,000 Jul 31, 2016 $29,600 21,600 18,200 4,400 15,400 0 39,000 1,800 $126,400 $14,000 13,000 21,600 17,200 27,800 10,400 22,400 $126,400 $74,200 11,800 62,400 beney C. Income Statement For the Year Ended July 31, 2017 Sales Cost of goods sold Gross profit Operating expenses Depreciation expense. $18,400 Salaries expense 29,000 Other expenses. 29,200 Operating loss Other revenues and expenses Investment income (loss), Courtland Corp... 12,400 Loss on sale of HTM investment (600) Gain on sale of equipment 1,000 Interest expense (6,800) Net loss 76,600 (14,200) 6,000 ($8,200)