Oriole Ltd., which follows ASPE had the following comparative statement of financial position: Oriole Ltd. Comparative Statement of Financial Position December 31 Assets 2021 2020 Cash $ 84,100 $ 51,700 Accounts receivable 136,000 98,000 Inventory 81,000 122,000 Prepaid insurance 11,400 8,200 Equipment 301,500 253,500 Accumulated depreciation-equipment (72,000) (52,000) Patents 79,200 97,400 Total assets $ 621,200 $ 578,800 Liabilities and Shareholders' Equity Accounts payable $ 90,000 Notes payable 7,700 Salaries and wages payable 15,700 Income taxes payable 16,400 Long-term note payable 109,500 Common shares 277,900 Retained earnings 104,000 Total liabilities and shareholders' equity $ 621,200 $ 77,100 11,600 7,700 20,100 127,700 277,900 56,700 $ 578,800 Additional information: 1. Net income for the fiscal year was $54,500. 2. Equipment that cost $40,200 and was 70% depreciated was sold during 2021, for a gain of $4,000. 3. No patents were purchased or sold during the fiscal year. 4. The current Notes Payable are trade payables issued by Oriole Ltd. for the purchase of inventory. Prepare the operating activities section of a statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Oriole Ltd. Statement of Cash Flows Prepare the operating activities section of a statement of cash flows using the indirect format. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Oriole Ltd. Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Net Income /(Loss) $ Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense $ Increase in Accounts Receivable Decrease in Inventory Increase in Inventory Increase in Accounts Payable Increase in Salaries and Wages Payable Decrease in Income Taxes Payable $ Save for Later