Organic Developments Ltd. (ODL) is an importer of organic produce from California. The company has been experiencing significant growth and is preparing to approach the bank for a loan to acquire additional capital assets. As CFO, you are tasked with preparing the statement of cash flows that is required as part of the loan application. You have the statement of financial position and the statement of income to help you prepare the statement of cash flows. In addition you also have the following information: 1. 2. During the year, the company borrowed $12,320 by increasing its bank loan payable In September, ODL sold equipment for $5,280 cash. The equipment had originally cost $117,920 and had a net carrying amount of $12.320 at the time of sale. In June. ODL acquired land with a value of $105,600 by issuing common shares with an equivalent value. The land is to be used as a site for a warehouse it hopes to construct in the next year. 3. ORGANIC DEVELOPMENTS LTD. Statement of Financial Position As at October 31 Assets 2020 2019 Current assets: $42.240 $31,680 51.040 59,840 158,400 140.800 Cash Accounts receivable Inventory Total current assets Equipment Accumulated depreciation, equipment Land 251,680 232,320 545.600 475,200 (264,000) (316,800) 105,600 0 $638,880 $ 390,720 $ 72,160 $ 35,200 26,400 31,680 Liabilities and shareholders' equity Current liabilities Accounts payable Dividends payable Total current liabilities Bank loan payable Common shares Retained earnings 98.560 66,880 65,120 105,600 264,000 158,400 211,200 59,840 $638,880 $390,720 ORGANIC DEVELOPMENTS LTD. Statement of Income For the year ended October 31, 2020 Sales revenue $915,200 Cost of goods sold 457,600 Gross margin 457,600 Expenses Advertising expense $ 26,400 Wage expense 126,720 Utilities expense 10,560 52,800 Depreciation expense Rent expense Loss on sale of equipment 22,880 239,360 7,040 Net income $211,200 Using the information above, prepare the statement of cash flows for Organic Developments Ltd. for the year ended October 31 2020, using the indirect method. (Show amounts that decrease cash flow with either a - sign eg.-15,000 or in parenthesis eg. (15,000).) Organic Developments Ltd. Statement of Cash Flows, Indirect Method For the Year Ended October 31, 2020 $ $ $ $ $