Following is the given Information:

 

Assets Cash Comparative Statement of Financial Position December 31 Accounts receivable Inventory Prepaid insurance Equipment Accumulated depreciation-equipment Patents Total assets Accounts payable Notes payable Salaries and wages payable Income taxes payable 2021 $ 82,200 136,000 Liabilities and Shareholders' Equity Additional information: 2020 $ 49,800 101,500 121,500 7,200 81,400 10,700 307,500 257,700 (72,800) (52,000) 80,200 99,600 $625,200 $585,300 $ 90,500 $ 78,100 8,300 11,900 15,100 6,600 17,000 21,100 Long-term note payable 119,000 137,400 Common shares 269,300 269,300 Retained earnings 106,000 60,900 Total liabilities and shareholders' equity $625,200 $585,300 1. Net income for the fiscal year was $54,000. 2. Equipment that cost $40,000 and was 70% depreciated was sold during 2021, for a gain of $3,500. 3. No patents were purchased or sold during the fiscal year. 4. The current Notes Payable are trade payables issued by Pharoah Ltd. for the purchase of inventory. Prepare the operating activities section of a statement of cash flows using the indirect format. (Show amounts that decrea -15,000 or in parenthesis e.g. (15,000).)