Current Attempt in Progress The statement of income and unclassified statement of financial position for Carla Vista Inc. follow: \begin{tabular}{lrr} & & \\ \hline Liabilities and Shareholders' Equity & $63,100 & $48,600 \\ Accounts payable & 11,300 & 17,900 \\ Property tax payable & 950 & 640 \\ Refund liability & 125,000 & 59,800 \\ Bank loan payable-current portion & 14,100 & 9,900 \\ Bank loan payable-non-current portion & 241,000 & 202,000 \\ Common shares & 168,960 & 117,760 \\ \hline Retained earnings & $624,410 & $456,600 \\ \hline Total liabilities and shareholders' equity & \end{tabular} \begin{tabular}{lr|} \hline & \begin{tabular}{c} Carla Vista Inc. \\ Statement of Income \\ Year Ended December 31, 2024 \end{tabular} \\ \hline Sales & $321,000 \\ Cost of goods sold & 99,700 \\ Gross profit & 221,300 \\ Operating expenses & 82,100 \\ \hline Income from operations & 139,200 \\ \hline Other income and expenses \end{tabular} Additional information regarding 2024: 1. Long-term investments were sold for $5,300, resulting in a realized loss of $8,700. 2. New equipment costing $140,000 was purchased for $70,600 cash and a $69,400 bank loan payable. 3. Equipment costing $55,700 was sold for $15,400, resulting in a gain of $8,900. 1. Long-term investments were sold for $5,300, resulting in a realized loss of $8,700. 2. New equipment costing $140,000 was purchased for $70,600 cash and a $69,400 bank loan payable. 3. Equipment costing $55,700 was sold for $15,400, resulting in a gain of $8,900. 4. Accounts payable relate to merchandise suppliers; property tax payable relates to operating expenses. 5. A dividend was paid during the year. 6. Operating expenses include $58,800 of depreciation expense and an $8,900 gain on disposal of equipment. 7. The company issued common shares for $60,000 cash and bought back and retired some other common shares at the cost they were originally issued at. (a) Prepare the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign eg. 15,000 or in parenthesis eg. (15,000). CARLA VISTA INC. Statement of Cash Flows For the Year Ended December 31,2024 Cash Flows from Operating Activities Net Income Cash Payments $ $ (P) issuing a bankloan payable for $69,400