Exercise 13-8 The comparative statement of financial position for Charmaine Retailers Ltd. follows: CHARMAINE RETAILERS LTD Statement of Financial Position December 31 2015 2014 Assets Cash Accounts receivable Merchandise inventory Furniture Accumulated depreciation Total assets $ 18,180 $ 9,090 42,420 169,680 144,430 80,800 24,240 $357,540 $252,500 50,500 164,630 45,450 Liabilities and Shareholders' Equity Accounts payable Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity $357,540 45,450 $ 35,350 104,030 76,760 60,600 55,550 147,46084,840 $252,500 Additional information: 1. Profit was $62,620 in 2015. 2. Depreciation expense was $21,210 in 2015 3. Payments made to the bank pertaining to the bank loan were $10,100 in 2015. Some new loans were obtained that year 4. Common shares were issued in 2015 and no shares have been bought back by the company 5. In 2015, no furniture was sold Prepare a statement of cash flows using the indirect method for 2015. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.q. (15,000)