Selected information from Ivanhoe Ltd's statement of financial position and statement of income is as follows: IVANHOE LTD. Statement of Financial Position (partial) December 31 2021 2020 Current assets Accounts receivable $7,700 $12,200 Inventory 5,800 4,400 Prepaid expenses 3,000 2,200 Current liabilities Accounts payable 3,650 2,200 Income tax payable 1,200 800 Property tax payable 2,100 1,300 Bank loan payable-current portion 5,400 8,000 IVANHOELTD. Statement of Income Year Ended December 31, 2021 Sales $205,000 Cost of goods sold 120,000 Gross profit 85,000 Operating expenses 51,000 Income from operations 34,000 Interest expense 1,400 Income before income tax 32,600 Income tax expense 3,100 Net income $29,500 Additional information: 1. The bank loan was received in the past to finance the purchase of equipment. Operating expenses included depreciation expense of $12,000 and a loss of $5,700 on the disposal of equipment. 2. Prepare the operating activities section of 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).) IVANHOE LTD. Statement of Cash Flows (Partial) Operating activities Adjustments to reconcile net income to $ $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit