Question 5 (12 marks) Use the following information for Eldridge Company to prepare only the cash flows from operating activities section of the statement of cash flows using the indirect method for year 2019. Eldridge Company Statement of Financial Position December 31, 2019 2019 2018 Asset: Cash Accounts receivable. $ 29,568 38,616 87,750 67,030 Merchandise inventory Long-term investments. Machinery.. Accumulated depreciation $ 27,648 35,280 74,052 67,680 174,600 (37,440) $341,820 210,600 (40,260) $393,354 Total assets. $78,000 $12,870 58,500 $48,456 $12,240 79,200 $139,896 $149,570 Liabilities: Accounts payable Income tax payable. Bonds payable Total liabilities. Equity: Share Capital Share Premium Retained earnings Total equity........ Total liabilities and equity. 140,400 15,000 87,984 115,200 10,800 75,924 $201,924 $341,820 $243,984 $393,354 $288.000 Eldridge Company Income Statement For Year Ended December 31, 2019 Sales. Cost of goods sold. Depreciation expense Other operating expenses. Interest expense. Other gains (losses) Loss on sale of equipment Profit before tax... Income tax expense. Net profit $(97,080) (35,280) (57,600) (2,400) (192,360) (10,080) 85,560 (33.180) $ 52,380 Additional information: (1) There was no gain or loss on the sales of the long-term investments, nor on the bonds retired. (2) Old machinery with an original cost of $45,060 was sold for $2,520 cash. (3) New machinery was purchased for $81,060 cash 4) Cash dividends of $40,320 were paid Management wishes to classify this under financing activities (5) Additional shares were issued for cash