December 11, 2020 The comparative statement of financial position for Chen Inc. appear below: December 31, 2021 Assets Cash $ 18,000 Accounts receivable 29.000 Inventory 15,000 Land 20,000 Equipment, net 24,000 Total assets 106,000 $ 22,000 25,000 17.000 0 16,000 80,000 Liabilities and Shareholders' Equity Accounts payables Long-term notes payable 11,000 26,000 25,000 11,000 Common shares Retained earnings Total liabilities and shareholders' equity 15,000 50,000 106,000 12,000 32,000 80,000 Additional information: 1. Net earnings for the year ended December 31, 2021 were $20,000. 2. The carrying amount of the equipment at the end of 2021 and 2020 was determined as follows: Equipment Less: accumulated depreciation Net carrying amount December 31, 2021 $ 30,000 (6,000) 24,000 December 31, 2020 $ 26,000 (10,000) 16,000 3. Equipment with a cost of $16,000 and accumulated depreciation of $8,000 was sold for cash proceeds of $9,000 during 2021. 4. Equipment costing $15,000 was purchased during the year by issuing a note payable. All other equipment purchases were for cash. There were no other non-cash transactions during the year. Required: Prepare a statement of cash flows for the year ended December 31, 2021 using the indirect method. Space is provided for your response on the next page of this exam