Question 3 of 3 - 71 : TULai astu VI17,VUU PUU7, UU Liabilities and Shareholders' Equity Bank overdraft $0 $9.000 Accounts payable $ 48,000 $ 30,000 Income tax payable 3,000 2,000 Interest payable 5,000 6,000 Dividends payable 3,000 1,000 Bank loan payable-current portion 22,000 24,000 Bank loan payable-non-current portion 382,000 198,000 Common shares 200,000 88,000 Retained earnings 56,000 31.000 Total liabilities and shareholders' equity $719,000 $389,000 Additional information regarding 2021: 1. Net income was $62,000. 2. A gain of $7,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. Question 3 of 3 - 71 III : 2. A gain of $7,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. A gain on the disposal of $43,000 was recorded when an old building was sold for $58,000 cash. A new building was purchased for $366,000 and depreciation expense on buildings for the year was $54,000. 4. Equipment costing $68,000 was purchased while a loss of $9,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $12,000. 5. The company took out $213,000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company. (a) Prepare the 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).) SHERIDAN LTD. Statement of Cash Flows-Indirect Method $ Question 3 of 3 - 71 III $ Adjustments to reconcile net income to - 71 iii : $ > $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit