Current Attempt in Progress The comparative unclassified statement of financial position for Cullumber Ltd. follows: CULLUMBERLTD. Statement of Financial Position December 31 2021 Assets Cash $55,000 Accounts receivable Inventory Estimated inventory returns Long-term investments Equipment Accumulated depreciation Total assets 83,000 170,000 7,000 76,000 250.000 2020 $22,000 75,500 176,500 5,000 125,000 188,000 (30,000) $562,000 (75,000) $566,000 $27,000 5,000 Liabilities and Shareholders' Equity Accounts payable Refund liability Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity $ 41,000 4,000 209,000 104,000 215,000 215,000 $566,000 170,000 138,000 $562,000 Additional information pertaining to 2021: 1. 2. 3. 4. 5. 6. Net income was $109,000. Sales were $984,000. Cost of goods sold was $759,000. Operating expenses were $43,000, exclusive of depreciation expense. Depreciation expense was $45,000. Interest expense was $12,000. Income tax expense was $22,000. Long-term investments were sold at a gain of $6,000. No equipment was sold during the year. $105,000 of the bank loan was repaid during the year. Common shares were issued for $45,000. 7. 8. 9. 10. 11. 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).) CULLUMBER LTD. Statement of Cash Flows-Indirect Method $ Adjustments to reconcile net income to $ $ A A ( > ( > >