Presented below is the comparative balance sheet for Cullumber Inc, a private company reporting under ASPE, at December 31, 2021 and 2020: CULLUMBER INC. Balance Sheet December 31 Assets 2021 2020 Cash $61,100 $98,000 Accounts receivable 101.000 75.000 205,000 155,500 101.500 0 Inventory Long term investment Property, plant and equipment Less: Accumulated depreciation 535.000 460.000 (162.500 (140.000 5841.100 5648.500 20C Motywny IN Type here to search o 2 ! tes. Accumulate depreciation T102300 TIADU $841.100 $648,500 $57.500 $47.000 6,000 0 Liabilities and Shareholders' Equity Accounts payable Dividends payable Income tax payable Long-term notes payable Common shares Retained earnings 14,000 15,000 25,000 0 630.000 525.000 108.600 61.500 5841.200 $648,500 CULLUMBER INC. Income Statement Year Ended December 31, 2021 Type here to search EP D) c 200 Mostly sunny 2 -/1 CULLUMBER INC. Income Statement Year Ended December 31, 2021 Sales Cost of goods sold $657.100 Gross pront 432.000 Operating experises 225,100 $147.500 Loss on sale of equipment 3,000 Profit from operations 150.500 Interest expense 74.600 3.000 Interest revenue (4 500 Proht before income tax (1.500 Income taxe pense 76.100 14.000 Proht 15 Type here to search $62.100 c Additional information: - / 10 1 2 3 Cash dividends of $15,000 were dedared. A long-term investment was acquired for cash at a cost of $101.500. Depreciation expense is included in the operating expenses The company issued 10.500 common shares for cash on March 2, 2021. The fair value of the shares was $10 per share. The proceeds were used to pulchase additional equipment. Equipment that originally cost $30.000 was sold during the year for cash. The equipment had a carrying value of $9,000 at the time of sale. The company issued a note payable for $28.000 and repaid $3,000 by year end. All purchases of inventory are on credit. Accounts Payable is used only to record purchases of inventory 5 6. 7 8 Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either asime - 15.000 or in parenthesis. (15.000 Type here to search 18 ED 0