December $31,$

Assets

Cash

Accounts receivable

Inventory

Equipment

Accumulated depreciation

Total assets

Bavarian Motors Ltd$.$

Income Statement

Year ending December $31,$

Additional Information $($for the year ending December $31,2023)$:

Included in operating expenses is $$54,000$ for depreciation expense.

The company purchased $$180,000$ of new equipment during the year.

Equipment costing $$100,000$ with a carrying value of $$56,400$ was sold for $$33,200$ cash.

Cash dividends were declared and paid during the year.

An additional note payable was signed during the year. $$10,000$ was repaid.

Additional common shares were issued during the year.

Required:

Prepare, in proper format, the Statement of Cash Flows for Bavarian Motors Ltd$.$ using the indirect

method for the year ending December $31,2023$ on page $13.(15$ marks$)$