Cullumber Ltd$.$ is a private company reporting under ASPE. Its income statement and changes in current assets and current liabilities for the year are reported below:

CULLUMBER LTD$.$

Income Statement

Year Ended December $31,2024$

Sales

$$692,040$

Cost of goods sold

Gross profit

Operating expenses

$$226,300$

Depreciation expense

$36,500$

Gain on sale of equipment

Profit before income tax

Income tax expense

Profit for the year

Changes in current assets and current liabilities were as follows:

Accounts receivable

$$26,280$ decrease

Inventory

$13,870,$ increase

Prepaid expenses

$1,460$

increase

Accounts payable

$8,760$

decrease

Dividends payable

$3,650$

decrease

Income tax payable

$2,920$

decrease

CULLUMBER LTD$.$

Cash Flow Statement $($Partial$)-$Direct Method