Cullumber Ltd. Statement of Financial Position December 31 Assets 2018 2017 Cash $ 24,000 $0 Accounts receivable 29,000 41,000 Inventory 30,000 55,000 Land 103,000 115,000 Buildings 525,000 260,000 Accumulated depreciation-buildings (62,000) (98,000) Equipment 78,000 41,000 Accumulated depreciation--equipment (16,000) (8,000) Total assets $711,000 $406,000 Liabilities and Shareholders' Equity Bank overdraft $0 $13,000 Accounts payable $ 42,000 $ 23,000 Income tax payable 3,000 2,000 Interest payable 4,000 5,000 3,000 1,000 Dividends payable 27,000 16,000 Bank loan payable-current portion 387,000 228,000 Bank loan payable-non-current portion 195.000 89,000 Common shares 50.000 29,000 Retained earnings 3406,000 Total liabilities and shareholders' equity 5711,000 ES PRINTER VERSION NEN Additional information regarding 2018: 1. Net Income was $58,000. 2. Again of $8,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. A gain on the disposal of $40,000 was recorded when an old building was sold for $54,000 cash. A new building was purchased for $365,000 and depreciation expense on buildings for the year was $50,000. Equipment costing $60,000 was purchased while a loss of $5,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $13,000. 5. The company took out $210,000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company. 4. dy (a) Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a sign s.9. - 15,000 or in parenthesis e.g. (15,000). CULLUMBER LTD. Statement of Cash Flows-Indirect Method Adjustments to reconcile net income to $