Information from the Balance Sheet and Income Statement for Culver Inc., a private company reporting under ASPE, for the year ended December 31, is given below. Comparative Balance Sheet Cash Accounts receivable Inventory Investments in land Property, plant, and equipment Accumulated depreciation 2021 $ 98,000 90,600 121,400 84,500 284,600 (47,510) $631,590 $52,100 11,100 140,000 250,000 178,390 $631,590 2020 $ 45,650 35,650 102,050 106,650 200,500 (38,500) $452,000 $47,810 18,910 67,500 190,000 127,780 $452,000 Accounts payable Accrued expenses payable Bonds payable Common shares Retained earnings Revenues Sales Gain on disposal of equipment $284,000 7,500 291,500 Expenses Cost of goods sold Depreciation expense Operating expenses Income tax expense Interest expense Profit $ 95,400 55,600 13,770 36,300 2,610 203.680 $ 87,820 Additional Information: 1. Investments in land were sold at cost during 2021. Equipment costing $54.600 was sold for $15,510, resulting in a gain. 3. Common shares were issued in exchange for some equipment during the year. No other shares were issued. The remaining purchases of equipment were paid for in cash. 2. 4 CULVER INC. Cash Flow Statement - Indirect Method December 31, 2021 Investing Activities $ $ 98000 Proceeds from sale of investments Adjustments to reconcile profit to > $ > > >