Blossom Ltd$,$ which follows ASPE had the following comparative statement of financial position:

Additional information:

Net income for the fiscal year was $$54,500.$

Equipment that cost $$42,000$ and was $70\%$ depreciated was sold during $2024,$ for a gain of $$4,000.$

No patents were purchased or sold during the fiscal year.

The current Notes Payable are trade payables issued by Blossom Ltd$.$ for the purchase of inventory.

Prepare the operating activities section of a 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$.(15,000).)$

Blossom Ltd$.$

Statement of Cash Flows

Adjustments to reconcile net income to

net cash provided by operating activities: