Question 3 of 3 - 13 View Policies Current Attempt in Progress A comparative statement of financial position for Culver Industries Inc. follows: CULVER INDUSTRIES INC. Statement of Financial Position December 31, 2023 December 31 Assets 2021 2022 Cash $22,700 $35.700 Accounts receivable 118,000 54,500 Inventory 221 000 190,000 .and 74,000 121,000 Equipment 249 000 213,000 Accumulated depreciation-equipment (49,500) (42,200) Total $635.200 $572,000 Liabilities and Shareholders' Equity Accounts payable $53,200 $40.900 Bonds payable 172,900 204,900 Common shares 215.000 183,000 Retained earnings 194,100 123,200 Total $635.200 $572,000 Additional information 1 Net income for the fiscal year ended December 31, 2023, was $145,000. 2. Cash dividends of $74,100 were declared and paid. Dividends paid are treated as financing activities. 3. Bonds payable amounting to $32,000 were retired through the issuance of common shares. 4. Land was sold at a gain of $6,000. No equipment was sold during the year. Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) CULVER INDUSTRIES INC. Statement of Cash Flows V V Adjustments to reconcile net income to net cash provided by operating activities: V V During the year, Culver retired $ in bonds payable by issuing common shares. Disclosure for the amount paid for interest and income tax would be included. eTextbook and Media