Sheridan Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2021, and 2020.

Prepare a cash flow statement for the year 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).)

Sheridan Ltd., a private company reporting under ASPE, reported the following for the years ended May 31, 2021 and 2020 SHERIDAN LTD. Balance Sheet May 31 Assets 2021 2020 Cash $24.500 $46,250 Accounts receivable 78,250 Inventory 182.000 159.250 Prepaid expenses 5.700 7.200 Land 133,250 78.500 Equipment 317.000 197.000 Accumulated depreciation (75.200 (39.2501 Tatal assets $675,200 $527.200 Liabilities and Shareholders'Equity Accounts payable $42,550 $39,250 Dividends payable 7.200 5.700 Income taxes payable 2.900 6.700 Mortgage payabile 129.000 79,250 Common shares 217.500 165.250 Retained earnines 276.050 231.050 Tatal abilities and shareholders equity $675,200 $527.200 Additional Information: 1. Pront for 2021 was $107,250 2. Common shares were issued for $52.250. 2. Land with a cast of $52,250 was sold at a loss of $19,700. Purchased land with a cost of $107 Dod with a $57.250 down payment and financed the remainder with a 4. mortgage note payable. 5. Nos equipment was sold during 2021. Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either aslgneg -15,000 or In parenthesis eg. (15,000). SHERIDAN LTD. Cash Flow Statement - Indirect Method Year Ended Ma 31.2021 Net Cash Provided by Operating Activities Adjustments to reconcle profit to $ V V Note X:Land with as cost of $ was purchased by paying $ cash and Issulre a mortgage note payable for