Brightsand Corp.'s statement of financial position at the end of 2020 included the following items: $1,215,000 31,200 1,320,000 340,000 Current liabilities Bonds payable Common shares Retained earnings $1,150,100 1,271,000 182,000 194,000 Current assets Land Buildings Equipment Accumulated depreciation- buildings Accumulated depreciation- equipment Intangible assets-patents Total (139,000) (11,900) 41,800 $2,797,100 Total $2,797,100 The following information is available for the 2021 fiscal year: 1. Net income was $392,000. Interest paid is classified as operating activities. 2. Equipment (cost of $21,400 and accumulated depreciation of $8,190) was sold for $11,300. 1. Net income was $392,000. Interest paid is classified as operating activities. 2. 3. 4. 5. 6. Equipment (cost of $21,400 and accumulated depreciation of $8,190) was sold for $11,300. Depreciation expense was $4,040 on the building and $9,030 on equipment Amortization expense on a patent was $3,150. Current assets other than cash increased by $33,000. Current liabilities increased by $31,000. An addition to a building was completed at a cost of $31,100. An FV-OCl investment in shares was purchased for $20,900 on the last day of the year. This was the first such investment made by Brightsand in its history. Bonds payable of $76,700 were issued at par. Cash dividends of $182,000 were declared and paid. Dividends paid are treated as financing activities. 7. 8. 9. Brightsand prepares financial statements in accordance with IFRS. Instructions a. Prepare a statement of financial position as at December 31, 2021. b. Prepare a statement of cash flows for the year ended December 31, 2021, using the indirect method. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)