Presented below are the financial statements of Marin Ltd. Marin Ltd. Comparative Statements of Financial Position December 31 Assets 2020 2019 Equipment 76,800 99,840 Accumulated depreciation equipment (37,120) (30,720) Inventory 38,400 25,600 Accounts receivable 42,240 17,920 Cash 47,360 25,600 Total 167,680 138,240 Equity and Liabilities Share capital-ordinary 23,040 17,920 Retained earnings 64,000 48,640 Bonds payable 34,560 42,240 Accounts payable 37,120 19,200 Income taxes payable 8,960 10,240 Total 167,680 138,240 Rajesh Ltd. Income Statement For the Year Ended December 31, 2020 Sales revenue 309,760 Cost of goods sold 224,000 Gross profit 85,760 Operating expenses 30,720 Income from operations 55,040 Interest expense 3,840 Income before income taxes 51,200 Income tax expense 10,240 Net income 40,960 Additional data: 1. Depreciation expense is 17,024. 2. Dividends declared and paid were 25,600. 3. During the year, equipment was sold for 12,416 cash. This equipment cost 23,040 originally and had accumulated depreciation of 6,400 at the time of sale. Prepare a statement of cash flows 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).) MARIN LTD. Statement of Cash Flows Adjustments to reconcile net income to > >