Jia Inc. follows ASPE and had the following statement of financial position at the end of operations for 2022: Jia Inc. Statement of Financial Position December 31, 2022 Cash $ 50,500 Accounts payable $ 93,000 Accounts receivable 90,000 Long- term debt 85,000 Inventory 82,000 Common shares 100,000 Machinery (net) 125,000 Retained earnings 89,500 Trademarks 20,000 $367,500 $367,500 During 2023, the following occurred: 1. Jia sold some of its trademarks. The trademarks had an unlimited useful life and a cost of $10,000. They were sold for proceeds of $20,000. 2. Machinery was purchased in exchange for long- term debt of $40,000. 3. Long- term debt in the amount of $15,000 was retired before maturity by paying $15,000 cash. 4. An additional $12,000 in common shares was issued. 5. Dividends totalling $14,000 were declared and paid to shareholders. Dividends paid are treated as financing activities. 6. Net income for 2023 was $44,000 after allowing for depreciation of $19,000. 7. Machinery with a carrying value of $18,000 was sold at a gain of $7,000. 8. At December 31, 2023, Cash was $68,500; Accounts Receivable was $111,000; Accounts Payable was $83,000; and Inventory increased to $107,000. Instructions a. Prepare a statement of cash flows for the year ended December 31, 2023, using the indirect method, along with any necessary note disclosure. b. Prepare the statement of financial position as it would appear at December 31, 2023