Question 6 of 8 E View Policies Current Attempt in Progress Condensed financial data follow for Blossom Ltd, Blossom reports under ASPE BLOSSOM LTD. Balance Sheet December 31 Assets 2021 2020 Cash $108,440 $49.300 Accounts receivable 80,100 42.400 Inventory 119.900 92.600 Prepaid expenses 138,200 28.800 Long-term investments 129,400 115.400 Property, plant, and equipment 271,800 244,700 Accumulated depreciation 49.800 (50,500 Total assets $598,040 $522.700 Liabilities and Shareholders' Equity Activate Senin Accounts payable S94 100 $79.400 to search go Westb -/25 IN Question 6 of 8 Liabilities and Shareholders' Equity Accounts payable $94,100 $79,400 Accrued expenses payable 12.100 7.900 Notes payable 104,200 142,600 Common shares 239,900 177,600 Retained earnings 247,740 115,200 Total liabilities and shareholders' equity $698,040 $522,700 BLOSSOM LTD. Income Statement Year Ended December 31, 2021 Sales $490,300 Cost of goods sold 186.200 Gross profit 304,100 Operating expenses $58.400 Activate Win Songth Depreciation expense 44,000 Loss on sale of equipment B.220 111,420 - Question 6 of 8 > BLOSSOM LTD. Income Statement Year Ended December 31, 2021 Sales $490,300 Cost of goods sold 186,200 Gross profit 304,100 Operating expenses $58,400 Depreciation expense 44,800 Loss on sale of equipment 8,220 111,420 Profit from operations 192,680 Other expenses Interest expense 5.110 Profit before income tax 187 570 Income tax expense 42.400 Profit $145,170 -/25 E Question 6 of 8 Income tax expense 42,400 Profit $145,170 Additional information: 1 New equipment costing $86,100 was purchased for $29,200 cash and a $56,900 note payable. 2 Equipment with an original cost of $59,000 was sold at a loss of $8,220 3 Notes payable matured during the year and were repaid. 4 A longterm investment was acquired for cash Prepare a cash flow statement for the year using the indirect method (Show amounts that decrease cash flow with either a signieg $15,000 or in parenthesis eg. (15,0001) BLOSSOM LTD. Cash Flow Statement-Indirect Method