Cullumber Limited is a private company reporting under ASPE. Its comparative balance sheet at December 31 is as CULLUMBER LIMITED Balance Sheet December 31 Assets 2021 Cash $112,860 Accounts receivable 742,500 Inventory 495,000 Prepaid insurance 17,820 Equipment and vehicles 1,237,500 Accumulated depreciation (346,500) Total assets $2,259,180 Liabilities and Shareholders' Equity Accounts payable $ 223,740 Salaries payable 29.700 Interest payable 25,740 Notes payable 495,000 2020 $84,150 594,000 326,700 24,750 990,000 (277,200) $1.742,400 $198.000 39,600 19,800 346,500 PARAAN AAAA m....docx BUAD 121 - Mem....docx Address W acer Question 3 of 8 Notes payable Common shares Retained earnings Total liabilities and shareholders' equity 495,000 594,000 891,000 $2,259,180 340,000 396,000 742,500 $1,742,400 Additional information: Profit for 2021 was $198,000. 2. Equipment was purchased during the year. No equipment was sold. 3. Cash dividends were paid to the common shareholders during the year. Prepare the cash flow statement using the indirect method. (Show amounts that decrease cash flow with either parenthesis eg. (15,000).) CULLUMBER LIMITED Cash Flow Statement Year Ended December 31, 2021 Operating Activities BAD 21 em does CULLUIVIDER LIMITED Cash Flow Statement Year Ended December 31, 2021 Operating Activities Profit Adjustments to reconcile profit to Operating Activities Depreciation Expense $ Increase in Accounts Receivable V Increase in Inventory V Increase in Accounts Payable Decrease in Salaries Payable Increase in Prepaid Insurance BUAD 121 - Merr docx Address X N 0. Increase in Prepaid Insurance Payments for Taxes Net Cash Used by Operating Activities Investing Activities Purchase of Equipment $ Net Cash Used by Investing Activities Financing Activities Payment of Cash Dividends $ Issued Common Shares Issued Note Payable Net Cash Provided by Financing Activities 21 - Mem.docx BUAD 121 - Mem. docx Address acer Question 3 of 8 0.48/1 Financing Activities Payment of Cash Dividends Issued Common Shares Issued Note Payable Net Cash Provided by Financing Activities v Net Increase in Cash Cash, January 1 Cash, December 31 e Textbook and Media Assistance Use Submit Answer Attempts: 1 of 3 used Save for Later BUAD 121 - Mem...docx Address N w