Exercise 13-8 The comparative statement of financial position for Charmaine Retailers Ltd. follows: CHARMAINE RETAILERS LTD. Statement of Financial Position December 31 Assets Cash Accounts receivable Merchandise inventory Furniture Accumulated depreciation Total assets 2015 2014 $ 17,640 $ 8,820 49,000 41,160 164,640 140,140 159,74078,400 (44,100) (23,520) $346,920 $245,000 Liabilities and Shareholders Equity Accounts payable Bank loan payable (noncurrent) Common shares Retained earnings Total liabilities and shareholders' equity $346,920 $44,100 $34,300 100,940 74,480 53,900 82,320 58,800 143,080 $245,000 Additional information 1. Profit was $60,760 in 2015 2. Depreciation expense was $20,580 in 2015 3. Payments made to the bank pertaining to the bank loan were $9,800 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.g. (15,000).)