Question 1 The following information is taken from Great Lakes Corporation's financial statements. Great Lakes adheres to ASPE: Cash............ Accounts receivable........... Allowance for expected credit losses. Inventory........... Prepaid expenses............. Land................... Buildings........ Accumulated depreciation........ Patents, net of accumulated amortization. Total Assets........ Accounts payable Accrued liabilities. December 31 2023 $ 92,000 2022 $ 27,000 95,000 80,000 (4,500) (3,100) 145,000 175,000 7,500 6,800 93,000 60,000 287,000 244,000 (35,000) (13,000) 20,000 $700.000 $ 90,000 35,000 $611.700 $ 84,000 63,000 Bonds payable....... Common shares......... Retained earnings Treasury shares, at cost Total Liabilities & Shareholders' Equity. Net income......... Depreciation expense............ Amortization of patents....... Cash dividends declared and paid......... Gain or loss on disposal of patents....... Instructions 54,000 125,000 60,000 100,000 100,000 346,000 312,700 (15,000) (8,000) $700.000 $611.700 For 2023 Year $53,300 22,000 7,000 20,000 none Prepare a statement of cash flows (indirect method) for Great Lakes Corporation for calendar 2023.|