Cullumber Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2021, and 2020.

CULLUMBER LTD. Balance Sheet May 31
Assets		2021			2020
Cash		$26,600			$48,000
Accounts receivable		90,400			80,000
Inventory		189,000			161,000
Prepaid expenses		6,400			7,900
Land		142,000			82,000
Equipment		324,000			204,000
Accumulated depreciation		(82,200	)		(41,000	)
Total assets		$696,200			$541,900
Liabilities and Shareholders Equity
Accounts payable		$43,600			$41,000
Dividends payable		7,900			6,400
Income taxes payable		3,600			7,400
Mortgage payable		136,000			81,000
Common shares		221,000			167,000
Retained earnings		284,100			239,100
Total liabilities and shareholders equity		$696,200			$541,900

Additional Information:
1.		Profit for 2021 was $109,000.
2.		Common shares were issued for $54,000.
3.		Land with a cost of $54,000 was sold at a loss of $20,400.
4.		Purchased land with a cost of $114,000 with a $59,000 down payment and financed the remainder with a mortgage note payable.
5.		No equipment was sold during 2021.

Prepare a cash flow statement for the year 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).)

CULLUMBER LTD. Cash Flow Statement - Indirect Method May 31, 2021Month Ended May 31, 2021Year Ended May 31, 2021
Cash, June 1, 2020Cash, May 31, 2021Financing ActivitiesInvesting ActivitiesOperating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash
Sale of Common SharesPurchase of EquipmentProfitIncrease in Accounts ReceivableIncrease in Income Taxes PayableDecrease in Prepaid ExpensesSale of EquipmentIncrease in InventoryPayments for Operating ExpensesCollections from CustomersLoss on Sale of LandPurchase of LandDecrease in Accounts ReceivablePayments to SuppliersDecrease in Income Taxes PayableDecrease in Accounts PayableIncrease in Accounts PayableDepreciation ExpenseSale of LandIncrease in Prepaid ExpensesPayments of Cash DividendsPayments for TaxesDecrease in InventoryGain on Sale of Land		$
Adjustments to reconcile profit to
Cash, June 1, 2020Cash, May 31, 2021Financing ActivitiesInvesting ActivitiesOperating ActivitiesNet Cash Provided by Financing ActivitiesNet Cash Provided by Investing ActivitiesNet Cash Provided by Operating ActivitiesNet Cash Used by Financing ActivitiesNet Cash Used by Investing ActivitiesNet Cash Used by Operating ActivitiesNet Decrease in CashNet Increase in Cash
Payments to SuppliersPayments for Operating ExpensesSale of EquipmentSale of Common SharesIncrease in Income Taxes PayableProfitDecrease in Accounts ReceivableGain on Sale of LandIncrease in Prepaid ExpensesPurchase of EquipmentDepreciation ExpensePayments of Cash DividendsDecrease in Prepaid ExpensesPurchase of LandPayments for TaxesIncrease in Accounts PayableDecrease in Accounts PayableDecrease in Income Taxes PayableDecrease in InventoryIncrease in InventoryIncrease in Accounts ReceivableSale of LandLoss on Sale of LandCollections from Customers	$
Collections from CustomersDecrease in InventoryPurchase of EquipmentPayments for TaxesGain on Sale of LandSale of LandIncrease in Accounts ReceivableDecrease in Accounts PayableDecrease in Income Taxes PayablePurchase of LandIncrease in InventoryDecrease in Accounts ReceivablePayments for Operating ExpensesProfitIncrease in Income Taxes PayableSale of EquipmentSale of Common SharesIncrease in Accounts PayableDecrease in Prepaid ExpensesIncrease in Prepaid ExpensesDepreciation ExpensePayments to SuppliersLoss on Sale of LandPayments of Cash Dividends
Payments to SuppliersDecrease in Accounts PayableIncrease in InventoryPurchase of LandPayments for TaxesGain on Sale of LandPayments for Operating ExpensesPurchase of EquipmentSale of LandDecrease in Prepaid ExpensesIncrease in Accounts PayableDepreciation ExpenseDecrease in Accounts ReceivableSale of EquipmentCollections from CustomersIncrease in Prepaid ExpensesIncrease in Accounts ReceivableProfitLoss on Sale of LandDecrease in InventorySale of Common SharesDecrease in Income Taxes PayablePayments of Cash DividendsIncrease in Income Taxes Payable
Sale of Common SharesProfitSale of EquipmentIncrease in Income Taxes PayablePurchase of LandPayments to SuppliersPayments for Operating ExpensesSale of LandDecrease in Accounts PayableGain on Sale of LandDecrease in Accounts ReceivableDecrease in Prepaid ExpensesPurchase of EquipmentCollections from CustomersDecrease in InventoryLoss on Sale of LandIncrease in Prepaid ExpensesPayments for TaxesIncrease in Accounts PayableIncrease in Accounts ReceivableDecrease in Income Taxes PayablePayments of Cash DividendsIncrease in InventoryDepreciation Expense
Decrease in Prepaid ExpensesPayments to SuppliersIncrease in Prepaid ExpensesPayments of Cash DividendsDepreciation ExpenseSale of EquipmentPayments for Operating ExpensesDecrease in InventorySale of LandProfitIncrease in Accounts PayableSale of Common SharesIncrease in Income Taxes PayableGain on Sale of LandDecrease in Income Taxes PayablePurchase of EquipmentDecrease in Accounts PayablePurchase of LandPayments for TaxesLoss on Sale of LandIncrease in Accounts ReceivableCollections from CustomersDecrease in Accounts ReceivableIncrease in Inventory
Collections from CustomersDecrease in Accounts ReceivableDecrease in InventoryPayments to SuppliersIncrease in Income Taxes PayablePurchase of LandDecrease in Income Taxes PayableDepreciation ExpenseGain on Sale of LandIncrease in Accounts PayableSale of LandSale of Common SharesSale of EquipmentIncrease in Prepaid ExpensesDecrease in Accounts PayablePayments for TaxesIncrease in Accounts ReceivablePayments of Cash DividendsLoss on Sale of LandProfitPurchase of EquipmentPayments for Operating ExpensesDecrease in Prepaid ExpensesIncrease in Inventory