shows the following balances at December 31 : Additional information regarding 2021: 1. Net income was $58,000. 2. A gain of $8,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3. A gain on the disposal of $40,000 was recorded when an old building was sold for $54,000 cash. A new building was purchased for $365,000 and depreciation expense on buildings for the year was $50,000. 4. Equipment costing $60,000 was purchased while a loss of $5,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $13,000. 5. The company took out $205,000 of new bank loans during the year. 6. Dividends were declared and paid and no common shares were bought back by the company. (a) Prepare the statement of cash flows 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). CULLUMBER LTD. Statement of Cash Flows-Indirect Method Year Ended December 31, 2021 Cash flows from operating activities Net income Adjustments to reconcile net income to Net cash provided by operating activities Loss on disposal of building $58,000 Gain on disposal of building Depreciation expense Loss on disposal of equipment Increase in accounts receivable Increase in imventory Decrease in accounts payable Decrease in income tax payable Increase in interest payable Cash flows from operating activities Cash flows from investing activities Decrease in accounts receivable Increase in income tax payable Gain on disposal of building Repayments of bank loan Loss on disposal of land Dividends paid Gain on disposal of equipment Loss on disposal of equipment Increase in interest payable Increase in accounts receivable Purchase of land Decrease in income tax payable Issue of common shares Gain on disposal of land Depreciation expense Proceeds from disposal of equipment Decrease in accounts payable Net income Purchase of building $