The comparative statements of financial position for So Limited at December 31 are as follows. Limited Statement of Financial Position At December 31 , 2019 Assets Cash Accounts receivable Merchandise inventory Land Equipment Accumulated depreciation Liabilities and Shareholders' Equity Accounts payable Non-current borrowings, due in one year Non-current borrowings Common shares Retained earnings The following is additional information for 201 9: 2019 3,000 12,000 23,000 40,000 (9.000) 7,000 9,000 8,000 45 ooo 2018 4,500 11 ,ooo 10,000 30,000 (8,000) 6,000 16,000 3,000 22 500 a. b. d. e. Net income for the year was $27,500. There were no income taxes No land was sold. Equipment was purchased for $20,000 in exchange for common shares value at $5,000 + $15,000 cash. Equipment costing $10,000 was sold for $12,000 cash. A $4,000 gain was reported in net Income. Cash dividends of $5,000 were declared and paid Depreciation expense of $3,000 was included in the net income figure. Required: Prepare the cash flow from operating activities section.