Current Attempt in Progress Following is a comparative statement of financial position and income statement for Headland Corporation: Headland Corporation Balance Sheet As at September 30 Assets 2020 2019 Cash 95,700 128,800 Accounts receivable 106,500 81.950 Inventory 110.350 227.250 Prepaid operating expenses 25,500 19.100 Long term investments 250.950 122.450 Equipment 1.419,650 1.321,650 Less: Accumulated depreciation (520,000 (450,000 1,488.650 1.451,200 Liahilities and Sharehold Liabilities and Shareholders' Equity Accounts payable 74,100 82,100 Income tax payable 21,800 14.800 Bonds payable 900,650 950,650 Common shares 201,450 140.950 Retained earnings 290,650 262.700 1.488,650 1.451.200 Headland Corporation Income Statement For the year ended September 30, 2020 Sales revenue 892,450 Cost of goods sold 625.000 Gross profit 267.450 Operating expenses 185.000 Income from operations 82.450 Interest expense 3,000 2.100 Gain on disposal of equipment Income before income tax Income tax expense 81.550 32,000 Net income $49.550 ADDITIONAL INFORMATION: . . Depreciation expense is included in "operating expenses. All accounts payable transactions were related to the purchase of inventory During the year, a piece of equipment that originally cost $100,000 was sold for cash. The equipment was 60% depreciated at the time of the sale. Long-term investments were purchased for cash during the year. . Prepare a statement of cash flows, in good form, for Headland Corporation, using the indirect method. Headland Corporation follows ASPE. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis es. (15,000)) Headland Corporation Statement of Cash Flows $ Adjustment to reconcile net income to net cash provided by operating activities: > > > > A A A