Q43: Oswald Ltd. has recently decided to go public and has hired you as their endent accountant. They wish to adhere to IFRS and know that they must prepare a statement of cash flows. Their financial statements for 2017 and 2016 are provided below: Statements of Financial Position Dec 31/17 Cash $ 51,000 Accounts receivable 45,000 Merchandise inventory 48,000 Property, plant and equipment $76,000 Less accumulated depreciation (40.000 36,000 Total Assets $180.000 Dec 31/16 $ 24,000 27,000 60.000 $120,000 (38,000) $193.000 82,000 Accounts payable Income taxes payable Bonds payable Common shares Retained earings Total Liabilities & Shareholders' Equity $ 22,000 44.000 45,000 27,000 42.000 $180.000 $ 12,000 49,000 75,000 27,000 30,000 $193.000 Income Statement Year ended December 31, 2017 Sales Cost of sales Gross profit Selling and administrative expenses Income from operations Interest expense Income before taxes Income taxes Net income $1,050,000 894,000 156,000 99,000 57,000 9,000 48,000 12.000 S 36.000 The following additional data were provided for calendar 2017: 1. Dividends declared and paid were $24,000. 2. Equipment was sold for $30,000. This equipment originally cost $44,000, and had a book value of $36,000 at the time of sale. The loss on sale was included in "selling and administrative expenses," as was the depreciation expense for the 3. Bonds were retired during the year at par. For a statement of cash flows for calendar 2017 using the indirect method, the cash provided by operating activities is a) $51,000. b) $36,000. c) $30,000 d) $25,000