Cashflow statement

Included below is the Balance Sheet and Income Statement for Big Muffin Inc. 2021 2020 ASSETS Cash $ 198.500 $ 35.000 Accounts receivable 103,800 52,800 Merchandise inventory 92.000 117.000 5 Equipment 380,000 375.000 Accumulated depreciation (92.000) (82.000) Total Assets $682.300 $49Z 800 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $154,500 $54,000 Accounts payable $154,500 $54,000 Salaries payable 25,000 20,000 Bonds payable 110,000 Long-term notes payable 95,000 65,000 Common shares 166,000 115,000 Retained earnings 241.800 133.800 Total Liabilities and Equity $682.300 $497,800 The 2021 Income Statement was as follows: Sales $452,000 Expenses $226,000 Cost of 26,000 goods sold Wages 26,000 expense Depreciation na nan Wages 26,000 expense Depreciation 21,000 expense Total Expenses Operating Income Loss on Sale Profit 299,000 $153,000 (4.000) $149,000 ADDITIONAL INFORMATION: 1. Loss on sale of equipment was $4,000. This resulted from a sale of equipment which had an original cost of $36,000 and accumulated depreciation of $11,000. 2. Equipment costing $41,000 were purchased using $11,000 in cash and the remainder was financed with a long-term note payable. 3. Paid $110,000 to retire bonds. 4. Increase in common shares accounts is due to issuance of 5.000 common shares. 5. Paid cash dividends of $41.000. REQUIRED: Prepare an indirect Cash Flow Statement using proper format for December 31, 2021. Cash flow - Student Answer Booklet.xlsx