Condensed financial data follow for Ivanhoe Ltd. Ivanhoe reports under ASPE. IVANHOE LTD. Balance Sheet December 31 Assets 2021 2020 Cash $114,740 $47.000 43.000 86.500 117.900 94,650 37.900 28.800 128.500 114.500 269,500 244,400 (56,500) (50.800) $698.540 $521.550 Accounts receivable Inventory Prepaid expenses Long-term investments Property, plant, and equipment Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Accrued expenses payable Notes payable Common shares Retained earnings Total liabilities and shareholders' equity $93.800 $77,200 10.600 7.100 108.100 145.000 240.900 178,600 245.140 113,650 $698.540 $521.550 IVANHOE LTD. Income Statement Year Ended December 31, 2021 Sales $490.900 Cost of goods sold 188.100 Gross proft 302.800 Operating expenses $57,000 Depreciation expense 44,300 Loss on sale of equipment 7.490 108,790 Profit from operations 194,010 Other expenses Interest expense 5,590 Profit before income tax 188,420 Income tax expense 44,300 Profit $144, 120 1. 2. . Additional information: New equipment costing $83.400 was purchased for $27,800 cash and a $55.600 note payable. Equipment with an original cost of $58,300 was sold at a loss of $7.490. Notes payable matured during the year and were repeid. A long-term investment was acquired for cash 4 Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a-sign eg. -15,000 or in parenthesis eg. (15,000).) IVANHOE LTD. Cash Flow Statement-Indirect Method $ $ Adjustments to Reconcile Profit to $ Note X: Equipment was purchased by paying $ cash and issuing a note payable for $