Crane Adventures Ltd. (CAL) is a Canadian manufacturer of Class B motorhomes. The company has been experiencing exponential growth and is preparing to raise additional capital to fund its growth. As the vice-president of finance, you are tasked with preparing the statement of cash flows that is required as part of the loan application or a public offering. You have the statement of financial position and the statement of income to help you prepare the statement of cash flows. In addition, you also have the following information: 1. 2. In October, CAL acquired land with a value of $225,000 by issuing common shares with an equivalent value. The land is to be used as a site for a new manufacturing facility CAL hopes to construct in the next year. In February, CAL sold equipment for $12,100 cash. The equipment had originally cost $225,000 and had a net carrying amount of $28,600 at the time of sale. 3. During the year, the company borrowed $23,000 by increasing its bank loan payable. Assets CRANE ADVENTURES LTD. Statement of Financial Position As at March 31 2024 2023 Current assets: Cash $122,600 $55,300 Accounts receivable 144,100 101,000 Inventory 469,450 338,700 Total current assets 736,150 495,000 Equipment 970,000 809,900 Accumulated depreciation, equipment (440,750) (540,300) Land 225,000 $1,490,400 $764,600 Liabilities and shareholders' equity Current liabilities Accounts payable $207,000 $59,400 Dividends payable 74,700 55,300 Total current liabilities 281,700 114,700 Bank loan payable 187,900 178,600 Common shares 595,500 370,500 Retained earnings 425,300 100,800 $1,490,400 $764,600 CRANE ADVENTURES LTD. Statement of Income For the year ended March 31, 2024 Sales revenue Cost of goods sold Gross margin $1,910,000 999,000 911,000 Expenses Advertising expense $52,400 Wages expense 254,400 Utilities expense 19,100 Depreciation expense 96,850 Rent expenses 44,500 $467,250 Loss on sale of equipment 16,500 Net income $427,250 Using the information above, prepare the statement of cash flows for Crane Adventures Ltd. for the year ended March 31, 2024, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CRANE ADVENTURES LTD. Statement of Cash Flows, Indirect Method $ $ $ Non-cash investing and financing activities: During the year, land with a value of $ was acquired by issuing common shares of the same value. Decrease in Accounts Payable Decrease in Accounts Receivable Decrease in Income Taxes Payable Decrease in Inventory Decrease in Prepaid Insurance Decrease in Unearned Revenue Decrease in Wages Payable Depreciation Expense Dividends Paid Gain on Sale of Equipment Increase in Accounts Payable Increase in Accounts Receivable Increase in Income Taxes Payable Increase in Inventory Increase in Prepaid Insurance Increase in Unearned Revenue Increase in Wages Payable Loss on Sale of Equipment Net Income New Bank Loan Proceeds from the Sale of Equipment Purchase Equipment Repayment of Bank Loan