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Question 3 [30 points] Use the Global Filter Corp. financial statements and supplementary information given below to prepare a statement of cash flows for the year ended December 31, 2014, using the indirect method. Additional Information: a. Purchased equipment for $33,000 cash. b. Sold the long-term investment on January 1, 2014 for $25,000. C. Sold equipment for $15,500 cash that had originally cost $58,500 and had $43,000 of accumulated depreciation. d. Issued $28,000 of bonds payable at face value. e. The short-term investment is a treasury bill that was purchased with maturity in 90 days. (select one) Statement of Cash Flows (select one) Cash flows from operating activities Global Filter Corp. Comparative Balance Sheet Information December 31 Assets 2014 2013 Cash 334,500 285,000 Short-term investments 77,000 63,000 Accounts receivable 89,800 67,000 Merchandise Inventory 900 2.000 Long term investment 0 40,000 Equipment 234.500 260.000 Accumulated depreciation (162,000) (160,000) Total assets 574,700 557,000 Adjust to reconcile net income to cash provided by oper, act. Cash flows from investing activities Cash flows from financing activities Liabilities and Equity Accounts payable Dividends payable Bonds payable Share capital Retained earnings Total liabilities and equity 43,700 29,000 28,000 303.000 171.000 574.700 74.000 46,000 0 303,000 134,000 557.000 Net increase (decrease) in cash Cash at beginning of year Cash at end of year 800,000 Global Filter Corp Income Statement For Year Ended December 31, 2014 Sales Cost Of Goods Sold 670,000 Depreciation expense 45,000 Other expenses 33.000 Loss on sale of long-term investment Net Income (748,000) (15,000) 37.000