Comparative Statement of Financial Position December 31 2023 Cash Accounts receivable Inventory Prepaid rent Equipment $51,820 58,150 40,160 5,070 158,520 Accumulated depreciation-equipment Goodwill Total assets (35,070) 20,000 $298,650 Accounts payable $46,120 Income tax payable 4,160 Salaries and wages payable 8,150 Short-term loans payable 8,150 Long-term loans payable 60,000 1|:|: Common shares 130,000 Retained earnings 42,070 36.000 Total liabilities and shareholders' equity $298,650 $297,570 Pina Inc. Income Statement Year Ended December 31, 2023 Sales revenue Cost of goods sold Gross margin $340,090 165,000 175,090 Operating expenses Operating income 120,000 55,090 Interest expense $12,000 Impairment loss-goodwill 32,000 Gain on disposal of equipment (2,700) 41,300 Income before income tax 13,790 Income tax expense 4.120 Net income $9,670 Additional information: 1 Dividends on common shares in the amount of $3,600 were declared and paid during 2023. Dividends paid are treated as financing activities. Depreciation expense is included in operating expenses, as is salaries and wages expense of $72,000. 3. Equipment with a cost of $34,000 that was 70% depreciated was sold during 2023. Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a negative sign eg.-10,000 or in parenthesis eg. (10,000) Pina Inc. Statement of Cash Flows (Direct Method) $