prepare a cash flow statement using direct method

The comparative balance sheet for Ivanhoe Adventures Ltd., a private company reporting under ASPE, follows: IVANHOE ADVENTURES LTD. Balance Sheet December 31 Assets 2021 2020 Cash $19.350 $5,670 Accounts receivable 34,200 38,250 Inventory 72,000 77,400 Prepaid expenses 5,400 2,250 Land 22.500 33,750 Equipment 121,500 85,500 Accumulated depreciation (40,500) (18,000) Total assets $234,450 $224,820 Liabilities and Shareholders' Equity Accounts payable $19,350 $17.100 Dividends payable 3,375 2,250 Income taxes payable 1,125 2,700 Bonds payable 54,000 81,000 Common shares 93,150 75,150 Retained earnings 63,450 46,620 Total liabilities and shareholders' equity $234,450 $224,820 Additional information: 1. Profit for 2021 was $31,455. 2. Bonds payable of $27,000 were retired at maturity. 3. Common shares were issued for $18,000. 4. Land was sold at a loss of $4,500. 5. No equipment was sold during 2021. 6. Net sales for the year were $305,100. 7. Cost of goods sold for the year was $197.910. 8. Operating expenses (not including depreciation expense) were $36,000. 9. Interest expense was $2,250. 10. Income tax expense was $10,485. DOENG S13 Prepare a cash flow statement using the direct method. (Show amounts that decrease cash flow with either a-sign e g. -15,000 or in parenthesis eg. (15,000).) IVANHOE ADVENTURES LTD. Cash Flow Statement-Direct Method $ $