Question 5 of 7 < > The comparative statement of financial position for Wildhorse Retailers Ltd. follows: Wildhorse Retailers Ltd. Statement of Financial Position December 31 Assets 2024 2023 Cash $0 $22,000 Accounts receivable 75,000 47,000 Inventory 221,000 167,000 Furniture 130,000 160,000 Accumulated depreciation (40,000) (47,000) Total assets $386.000 $349,000 Liabilities and Shareholders' Equity Bank indebtedness $8,000 $0 Accounts payable 73,000 49.000 Bank loan payable (non-current) 91,000 105,000 Common shares 54,000 64.000 Retained earnings 160,000 131,000 Total liabilities and shareholders' equity $386,000 $349,000 Additional information regarding 2024: 1. Net income was $34,000. 2 Depreciation expense was $18,000. 3. During the year, the company did not receive any new bank loans. 4 5 During the year, the company did not purchase furniture but did sell some furniture for $9,000, which resulted in a gain on disposal of $4,000. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued. 6. During the year, the company paid all dividends declared. (a) Prepare a statement of cash flows using the indirect method for 2024. (Show amounts that decrease cash flow with either a-sign eg -15,000 or in parenthesis e.g. (15,000).) WILDHORSE RETAILERS LTD. Statement of Cash Flows