Eastern Window Products Limited (EWPL) has been operating for several years, and the company's comparative statements of financial position at December 31, 2023 and 2022, its statement of income and retained earnings for the year ended December 31, 2023, and other additional information are presented below. Assume that, if EWPL is a publicly accountable enterprise, company management has chosen to present interest paid as an operating cash flow and dividends paid as a financing flow. Comparative Statements of Financial Position (including an analysis of the change in balances from 2022 to 2023) and Statement of Income and Retained EarningsEWPL

Statements of Financial PositionDecember 31

2023 2022 Change Increase/Decrease (and reference to items explained below)

Cash $ 37,000 $ 59,000 22,000 decrease

Accounts receivable 46,000 56,000 10,000 decrease (a)

Inventory 82,000 73,000 9,000 increase (b)

Prepaid expenses 6,000 7,500 1,500 decrease (c)

Land 70,000 -0- 70,000 increase (d)

Buildings 200,000 -0- 200,000 increase (d)

Accumulated depreciationbuildings (6,000) -0- 6,000 increase (e)

Equipment 68,000 63,000 5,000 increase (f)

Accumulated depreciationequipment (19,000) (10,000) 9,000 increase (g)

$484,000 $248,500

Accounts payable $ 70,000 $ 59,100 10,900 increase (h)

Income taxes payable 4,000 1,000 3,000 increase (i)

Salaries and wages payable 2,000 2,700 700 decrease (j)

Mortgage payable 152,400 -0- 152,400 increase (d) and (k)

Bonds payable 50,000 40,000 10,000 increase (l)

Common shares 80,000 72,000 8,000 increase (m)

Retained earnings 125,600 73,700 51,900 increase (n)

$484,000 $248,500

Statement of Income and Retained Earnings Year Ended December 31, 2023

Sales revenue $592,000

Less: Cost of goods sold 355,000

Gross profit 237,000

Salaries and wages expense $55,000

Interest expense 16,200

Depreciation expense 15,000

Other operating expenses 51,000 137,200

Income before income tax 99,800

Income tax expense 39,900

Net income 59,900

Retained earnings, January 1 73,700

Dividends declared (8,000)

Retained earnings, December 31 $125,600

Additional information: The company obtained a mortgage of $155,000 from a large Canadian bank to help finance the acquisition of the land and building during 2023.

Instrions

what is the statement of cash flows using the indirect approach for EWPL for 2023 by following the "Step" approach.