Comparative balance sheets and the income statement of Cantle Company are presented below. Prepare a statement of cash flows using the indirect method. Cantle Company Comparative Balance Sheets As of December 31 Assets Cash Debt investments (available for sale) Accounts receivable, net 2021 2020 70,000 51,000 55,000 85,000 145,500 122,000 Inventory 75,000 64,000 Land Buildings 40,000 25,000 145,000 145,000 Accumulated depre.--building (37,000) (28,000) Equipment 70,000 48,000 Accumulated depre.--equipment (21,000) (14,000) Total 542,500 498,000 Liabilities and Stockholders' Equity Accounts payable 66,000 68,000 Income tax payable 12,000 10,000 Bonds payable 70,000 70,000 Discount on bonds payable (7,500) (8,000) Common stock 310,000 260,000 Retained earnings Total 92,000 98,000 542,500 498,000 Cantle Company Income Statement FYE December 31, 2021 950,000 (600,000) 350,000 (250,000) Sales revenue Less: cost of goods sold Gross profit Income from operations Operating expenses (includes depreciation expense) Other revenues and expenses Gain on sale of investments Loss on sale of equipment Income before taxes Income tax expense Additional data: Net income 1. Equipment that cost $10,000 and was 60% depreciated was sold in 2021. 2. Common stock was issued in exchange for land. 3. Debt investments that cost $35,000 were sold during the year. 100,000 15,000 (3,000) 12,000 112,000 (45,000) 67,000