Grouper Corporation prepared the following statement of cash flows for 2023: Grouper Corporation Statement of Cash Flows Year Ended December 31, 2023 Operating activities Net income $66,000 Depreciation expense $7,190 Loss on disposal of equipment (1,055) Increase in accounts receivable (3,810) Decrease in inventory 1,510 Increase in accounts payable (660) Increase in income tax payable (6,300) (3,125) Net cash provided by operating activities 62,875 Investing activities Purchase of equipment (48,940) Proceeds from disposal of equipment 5,710 Net cash used by investing activities (43,230) Financing activities Repayment of mortgage payable (29,260) Payment of cash dividend 5,565 Net cash used by financing activities (23,695) Net decrease in cash (4,050) Cash, January 1 Cash, December 31 3,600 $(450) As a business analyst for Grouper Corporation, you have been asked to review the statement of cash flows for any errors and make corrections. It appears there are several errors on the statement.