Steven Lewis and Carol Walker are examining the following summary of cash flows for Blossom Company for the year ended January 31, 2025. Inflows Sales revenue Capital stock sales Sale of investment (purchased below) Proceeds from note (to purchase truck below) Interest received on investments Total Outflows Purchase of fixtures and equipment Cost of merchandise purchased for resale Payment of operating expenses Purchase of investment $383,870 401,680 80,280 19.940 6,015 $891,785 $318,500 258,500 169,420 74,860

Steven Lewis and Carol Walker are examining the following summary of cash flows for Blossom Company for the year ended January 31,2025 . Steven claims that this summary shows that Blossom had a superb first year, with cash increasing $37,450, Carol replies that it was not a superb first year. Rather, she says, the year was an operating tailure and that $37,450 is not the actual increase in cash, The cash balance at the beginning of the year was $141.060. Using the data provided, determine the net income/loss) for the year ended January 31,2025. Depreciation expense was. $54,560, (Enter negative amounts using either a negathe slgn preceding the number es, 45 or parentheses es (45) Net income (loss) s Prepare a statement of cash flows in proper form using the indirect method. The only noncash items in the income statement are depreciation and the gain from the sale of the investment. (Show amounts that decnease cash fow with either o - sign eg, -15,000 or in parenthesls es (15,000)