Question 7 of 7 < The statement of income and unclassified statement of financial position for Cullumber Inc. follow: Cullumber Inc. Statement of Financial Position -/20 E March 31 Assets 2024 2023 Cash $46.900 $99.470 Trading investments 209,800 226,000 Accounts receivable 111.800 39,800 Inventory 276.780 199,900 Estimated inventory returns 10.600 4,800 Prepaid expenses 26.465 36.575 Equipment 307,400 285.770 Accumulated depreciation (89.345) (66.595) Total assets $900.400 $825.720 P Type here to search 1C Mostly cloudy Total assets $900,400 $825,720 Liabilities and Shareholders' Equity Accounts payable $92.930 $90,360 Refund liability 5.420 2,410 Deferred revenue 11,600 5,860 Bank loan payable-current portion 129,400 98.000 Bank loan payable-non-current portion 90,000 155.720 Common shares 295.200 274,200 Retained earnings 275,850 199.170 Total liabilities and shareholders' equity $900.400 $825,720 Type here to search) Cullumber Inc. Statement of Income Year Ended March 31, 2024 D B 1C Mostly cloudy Cullumber Inc. Statement of Income Year Ended March 31, 2024 Sales Cost of goods sold Gross profit Operating expenses Income from operations $590,130 171.510 418,620 134,000 284,620 Other income and expenses Unrealized loss on trading investments $16,200 Interest expense 6.210 22.410 Income before income tax Income tax expense 262.210 55,790 $206,420 here to search Net income D R SUP 1C. Mostly cloudy 2GON ENG 1333 2015-12 Additional information regarding 2024: 1 Operating expenses include $75,000 of depreciation expense and a $13,000 loss on disposal of equipment. 2 No trading investments were bought or sold during the year, but management intends to trade some soon. 3. Prepaid expenses relate to operating expenses. 4. New equipment costing $97.330 was purchased by paying $17.130 cash and issuing common shares worth $80.200. These were the only common shares issued during the year. 5. Old equipment having an original cost of $75,700 was sold for $10.450. 6. Accounts payable relate to inventory suppliers. 7 A new $89.000 bank loan was received during the year and bank loan payments were also made during the year. 8. No common shares were issued for cash during the year, but some were bought back and cancelled at the same price that they were originally issued at. 9. The company paid dividends during the year (a) Prepare the statement of cash flows, using the indirect method. (Show amounts that decrease cash flow with either a-sign eg-15.000 05 ail INC SUPP ype here to search (a) Prepare the statement of cash flows, using the indirect method. (Show amounts that decrease cash flow with either a sign eg.-15,000 or in parenthesis eg. (15,000)) Adjustments to reconcile net income to E D CULLUMBER INC. Statement of Cash Flows D 1C Mostly cloudy SUP pe here to search C 1C Mostly cloudy D Question 7 of 7 < -/20 E Note X to the Statement of Cash Flows: During the year, the company purchased equipment costing $ paying $17,130 cash and issuing $80,200 in common shares eTextbook and Media by Attempts: 0 of 3 used Submit Answer SUPP