Cullumber Ltd., which follows ASPE had the following comparative statement of financial position: Cullumber Ltd. Comparative Statement of Financial Position December 31 Assets 2024 2023 Cash $80,000 $48,200 Accounts receivable 136,000 97,500 Inventory 81,300 121,800 Prepaid insurance 11,400 8,400 Equipment 305,500 255,500 Accumulated depreciation-equipment (70,900) (50,600) Patents 78,700 97,600 Total assets $622,000 $578,400 Liabilities and Shareholders' Equity Accounts payable $90,400 $78,600 Notes payable 8,400 12,800 Salaries and wages payable 16,800 8,800 Income taxes payable 15,000 19,200 Long-term note payable 104,500 122,400 Common shares 280,900 280,900 Retained earnings 106,000 55,700 Total liabilities and shareholders' equity $622,000 $578,400 Additional information: . Net income for the fiscal year was $52,000. Equipment that cost $40,600 and was 70% depreciated was sold during 2024, for a gain of $4,000. No patents were purchased or sold during the fiscal year. The current Notes Payable are trade payables issued by Cullumber Ltd. for the purchase of inventory. Prepare the operating activities section of a statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cullumber Ltd. Statement of Cash Flows For the Year Ended December 31, 2024 Net Cash provided by Operating Activities Net Income/(Loss) Adjustments to reconcile net income to net cash provided by operating activities: Increase in Accounts Receivable 38500 $ 52000 Increase in Prepaid Insurance Decrease in Inventory Increase in Accounts Payable Increase in Salaries and Wages Payable Decrease in Income Taxes Payable 3000 (40500) 11800 8000 (4200)