Current Attempt in Progress The comparative unclassified statement of financial position for Carla Vista Ltd. follows: CARLA VISTALTD. Statement of Financial Position December 31 Assets 2021 2020 Cash $55,000 $28,000 Accounts receivable 81,000 73,000 Inventory 178,000 187,500 Estimated inventory returns 8,000 6,000 Long-term investments 80,000 120,000 Equipment 285,000 156,000 Accumulated depreciation (74,000 ) (37,000 ) Total assets $613,000 $533,500 Liabilities and Shareholders' Equity Accounts payable $27,000 $41,000 Refund liability 5,000 4,000 Bank loan payable (noncurrent) 143,000 172,500 Common shares 219,000 176,000 Retained earnings 219,000 140,000 Total liabilities and shareholders' equity $613,000 $533,500 Additional information pertaining to 2021: 1. Net income was $121,100. 2. Sales were $998,000. 3. Cost of goods sold was $758,000. 4. Operating expenses were $45,000, exclusive of depreciation expense. 5. Depreciation expense was $37,000. 6. Interest expense was $15,000. 7. Income tax expense was $27,000. 8. Long-term investments were sold at a gain of $5,100. 9. No equipment was sold during the year. 10. $29,500 of the bank loan was repaid during the year. 11. Common shares were issued for $43,000. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -45,000, or in parenthesis e.g. (45,000).) Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sign eg.-45,000, or in parenthesis eg. (45,000)) CARLA VISTA LTD. Statement of Cash Flows-Indirect Method Cashflows from operating activities Year Ended December 31, 2021 Sale of equipment Adjustments to reconcile net income to $ $ $ $ 998000 eTextbook and Media Save for Later Attempts: 0 of 2 used Submit