PLEASE PREPARE THE STATEMENT OF FINANCIAL POSITION

Prepare the statement of financial position as it would appear at December 31, 2023. (List Assets in order of liquidity.) Novak Inc. follows ASPE and had the following statement of financial position at the end of operations for 2022 : During 2023, the following occurred: 1. Novak sold some of its trademarks. The trademarks had an unlimited useful life and a cost of $10,800. They were sold for proceeds of $20,000. 2. Machinery was purchased in exchange for long-term debt of $40,600. 3. Long-term debt in the amount of $14,200 was retired before maturity by paying $14,200 cash. 4. An additional $10,000 in common shares was issued. 1. Novak sold some of its trademarks. The trademarks had an unlimited useful life and a cost of $10,800. They were sold for proceeds of $20,000. 2. Machinery was purchased in exchange for long-term debt of $40,600. 3. Long-term debt in the amount of $14,200 was retired before maturity by paying $14,200 cash. 4. An additional $10,000 in common shares was issued. 5. Dividends totalling $13,400 were declared and paid to shareholders. Dividends paid are treated as financing activities. 6. Net income for 2023 was $44,300 after allowing for depreciation of $20,000. 7. Machinery with a carrying value of $9,900 was sold at a gain of $7,300. 8. At December 31, 2023, Cash was $69,200; Accounts Receivable was $112,800; Accounts Payable was $83,300, and Inventory increased to $107,600. (a) Prepare a statement of cash flows for the year ended December 31, 2023, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. 15,000 or in parenthesis e.g. (15,000).)