SHERIDAN COMPANY Statement of Income For the year ended December 31, 2024 Sales revenue Gain on sale of equipment Less: $430,000 2,000 $432,000 Cost of goods sold 210,000 Operating expenses (excluding depreciation) 69,000 Depreciation expense 39,500 Income taxes 30,000 348,500 Net income $83,500 Additional information: 1. Some of the land was sold at book value (or carrying value). As a result, there was no gain or loss on this transaction. 2. Equipment costing $40,000 was sold for $12,000, which was $2,000 more than its book value at the time of disposal. SHERIDAN COMPANY Comparative Statement of Financial Position Dec. 31, 2024 Dec. 31, 2023 Assets Cash $64,000 $44,000 Accounts receivable 72,000 51,000 Inventories 120,000 93,000 Property, plant, and equipment 290,000 240,000 Accumulated depreciation (79,500) (70,000) Land 82,000 99,000 $548,500 $457,000 Liabilities and shareholders' equity Accounts payable $50,000 $49,000 Income taxes payable 10,000 17,000 Bonds payable 115,400 81,000 Common shares 210,000 180,000 Retained earnings 163,100 130,000 $548,500 $457,000 Prepare the company's statement of cash flows for 2024 using the indirect method. Assume Sheridan follows IFRS and has chosen to classify dividends paid as financing activities. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) SHERIDAN COMPANY STATEMENT OF CASH FLOWS - INDIRECT METHOD > $ SA