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The comparative balance sheet for Ivanhoe Adventures Ltd., a private company reporting under ASPE, follows: IVANHOE ADVENTURES LTD. Balance Sheet December 31 Ansell 2017 2016 Cash $22,790 $6,678 Accounts receivable 40,280 45,050 Inventory 84,800 91,160 Prepaid expenses 6,360 2,650 Land 26,500 39,750 Equipment 143,100 100,700 Accumulated depreciation (47,700) (21,200) Total assets $276,130 $264,788 Liabllles and Men\" Entity Accounts payable $22,790 $20,140 Dividends payable 3,975 2,650 Income taxes payable 1,325 3,180 Bonds payable 63,600 95,400 Common shares 109,710 88,510 Retained eamlngs 74,730 54,908 Total liabilities and shareholders' equity $276,130 $264,788 Additional Information: Prot for 2017 was $37,047. Bonds payable of $31,800 were retired at maturity. Common shares were issued for $21,200. Land was sold at a loss of $5,300. No equipment was sold during 2017. Net sales for the year were $359,340. Cost of goods sold for the year was $233,094. Operating expenses (not Including depreciation expense) were $42,400. Interest expense was $2,650. Income tax expense was $12,349. PPHF'P'PE'N!' ._. P Prepare a cash flow statement using the direct method. (Show amounts that decrease cash ow with either a - sr'gn e.g. -15,000 or in parenthesis e.g. (15,000).) IVAN HOE ADVENTURES LTD. Cash Flow StatementDirect Method Year Ended December 3] Operating Activities Cash Receipts Cash Receipts from Cust Cash Payments To Suppliers For Operating Expenses For Interest For Income Taxes Net Cash Used by Opera Investing Activities Sale of Land Purchase of Equipment Net Cash Used by Invest Financing Activities Payment of Cash Dividen Redemption of Bonds Issue of Common Shares Net Cash Provided by Fin Net Increase in Cash Cash, January 1 Cash, December 31