Consultex, Incorporated, was founded in 2018 as a small financial consulting business. The company had done reasonably well from 2018 through 2020 but started noticing its cash dwindle early in 2021. In January 2021, Consultex had paid $11,500 to purchase land and repaid $4,000 principal on an existing promissory note. In March, the company paid $1,100 cash for dividends and $1,100 to repurchase and eliminate Consultex stock that had previously been issued for $1,100. To improve its cash position, Consultex borrowed $4,100 by signing a new promissory note in May and also issued stock to a new private investor for $11,100 cash. Year-end comparative balance sheets and income statements are presented below. CONSULTEX, INCORPORATED Balance Sheet October 31 Assets Cash Accounts Receivable Prepaid Rent Land Total Assets Liabilities and Stockholders' Equity Salaries and Wages Payable Income Taxes Payable Notes Payable (long-term) Common Stock Retained Earnings Total Liabilities and Stockholders' Equity Sales Revenue CONSULTEX, INCORPORATED Income Statement For the Year Ended October 31 2021 $9,450 12,200 1,550 22,500 2020 $ 11,300 11,100 2,100 11,000 $ 35,500 $2,100 $45,700 $1,550 1,100 1,100 11,200 11,100 18,100 8,100 13,750 13,100 $ 45,700 $ 35,500 2021 $ 153,500 2020 Salaries and Wages Expense Rent Expense Utilities Expenses Income before Income Tax Expense Income Tax Expense Net Income Required: $ 156,500 97,100 96,100 35,100 29,100 18,800 19,100 2,500 12,200 750 $ 1,750 3,660 $ 8,540 1. Prepare a properly formatted Statement of Cash Flows for Consultex, Incorporated, for the year ended October 31, 2021 (using the indirect method). (Amounts to be deducted should be indicated with a minus sign.)