show repayment of bank loan repayment calculation

E13-7 The comparative unclassified statement of financial position for Puffy Ltd. follows: 2017 PUFFY LTD. Statement of Financial Position December 31 2018 Assets Cash $ 53,000 Accounts receivable 80,000 Inventory 185.000 Long-term investments 70,000 Equipment 265,000 Accumulated depreciation (66,000) Total assets $587,000 $ 22,000 76,000 189,000 100,000 200,000 (32.000) $555,000 $ 47,000 200,000 174,000 134,000 $555,000 Liabilities and Shareholders' Equity Accounts payable $ 39,000 Bank loan payable 150,000 Common shares 199,000 Retained earnings 199,000 Total liabilities and shareholders' equity $587,000 Additional information: 1. Net income was $115,000. 2. Sales were $978,000. 3. Cost of goods sold was $751,000. 4. Operating expenses were $43,000, exclusive of depreciation expense. 5. Depreciation expense was $34.000 6. Interest expense was $14,000. 7. Income tax expense was $26,000. 8. Long-term investments were sold at a gain of $5,000, 9. No equipment was sold during the year. 10. $50,000 of the bank loan was repaid during the year. 11. Common shares were issued for $25,000. Instructions Prepare a statement of cash flows using the indirect method