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 $21,200 $43,500 Accounts receivable 84,100 75,500 Inventory 171,000 156,500 Prepaid expenses 4,600 6,100 Land 119,500 73,000 Equipment 306,000 186,000 Accumulated depreciation (64,200 ) (36,500) Total assets $642,200 $504,100 Liabilities and Shareholders' Equity Accounts payable Dividends payable Income taxes payable $40,900 $36,500 6,100 4,600 1,800 5,600 Income taxes payable 1,800 5,600 Mortgage payable 118,000 76,500 Common shares 212,000 162,500 Retained earnings 263,400 218,400 Total liabilities and shareholders' equity $642,200 $504,100 Additional Information: 1. Profit for 2021 was $104,500. 2. Common shares were issued for $49.500. 3. 4. 5. Land with a cost of $49,500 was sold at a loss of $18,600. Purchased land with a cost of $96,000 with a $54,500 down payment and financed the remainder with a mortgage note payable. No equipment was sold during 2021. Prepare a cash flow statement for the year using the indirect method. Use the order Operating, Investing and Financing. (Show amounts that decrease cash flow with either a-sign eg.-15,000 or in parenthesis e.g. (15,000).) SHERIDAN LTD. Cash Flow Statement - Indirect Method Year Ended May 31, 2021 Operating Activities Profit Adjustments to reconcile profit to was purchased by paying $ Note X: Land with as cost of $ mortgage note payable for $ Save for Later Last saved 2 minutes ago. Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. cash and issuing a Attempts: 0 of 1 used Submit