Shamrock Inc. is a major retailer of road bicycles and a promoter of riding bicycles to work, both to save the environment and improve physical fitness. Financial statements for Shamrock are presented below. STATEMENT OF FINANCIAL POSITION December 31 Current Assets 2021 2020 Cash 56,050 20.950 Accounts receivable 24,850 10,350 Inventory 31,300 16,300 Prepaid expenses 15,600 10,600 Total current assets 127,800 58,200 Property and Equipment 160,600 150,600 Property and equipment Less: Accumulated depreciation 78,900 70,000 Net property and equipment 81,700 80,600 TOTAL ASSETS $209,500 $138,800 Current Liabilities 11,550 15,450 Accounts payable Salaries payable 10,600 8,600 Interest payable 2,350 3,350 Total current liabilities 24,500 27,400 Loan payable 100,600 60,600 Total Liabilities 125,100 88,000 Shareholders' Equity Common shares 10,450 1,150 Retained earnings 73,950 49,650 Total shareholders' equity 84,400 50,800 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $209,500 $138,800 INCOME STATEMENT For the Years Ended December 31 2021 2020 Sales revenue 605,400 500,000 Cost of sales 411,000 350,000 Gross margin 194,400 150,000 Expenses Salary expense 136,000 125,000 Interest expense 3,500 2,400 Other expenses 6,000 3,000 Depreciation expense 14,900 8,000 Total expenses 160,400 138,400 Operating income 34.000 11,600 Gain on disposal of equipment 1,600 Income tax expense 6,400 1,972 Net income $29,200 $9,628 The following is additional information concerning Shamrock's transactions during the year ended December 31, 2021: Equipment costing $40,000 was purchased by paying $34,950 cash and issuing 100 shares. Equipment costing $30,000 that was purchased at the beginning of 2020 was sold at the end of 2021 for $25,600. Straight- line depreciation had been used with an expected asset life of 10 years and a residual value of $0. The "other expenses relate to prepaid items. In order to supplement its cash, Shamrock borrowed an additional $40,000. Cash dividends of $4,900 were paid at the end of the fiscal year. Cost of sales includes $155,000 of direct labour costs. Prepare a statement of cash flows for Shamrock for the year ended December 31, 2021, using the direct method. Shamrock follows ASPE. Include any note disclosure on non-cash financing and investing transactions. (Show amounts that decrease cash flow with either a-sign e.g.-15,000 or in parenthesis e.g. (15,000).) Shamrock, Inc. Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Cash Received from Customers