Sunland Adventures Ltd. (SAL) is a Canadian manufacturer of Class B motorhomes. The company has been experiencing exponential growth and is preparing to raise additional capital to fund its growth. As the vice-president of finance, you are tasked with preparing the statement of cash flows that is required as part of the loan application or a public offering. You have the statement of financial position and the statement of income to help you prepare the statement of cash flows. In addition, you also have the following information: 1. 2. 3. In October, SAL acquired land with a value of $227,300 by issuing common shares with an equivalent value. The land is to be used as a site for a new manufacturing facility SAL hopes to construct in the next year. In February, SAL sold equipment for $11,500 cash. The equipment had originally cost $227,300 and had a net carrying amount of $26,200 at the time of sale. During the year, the company borrowed $26,000 by increasing its bank loan payable. Assets SUNLAND ADVENTURES LTD. Statement of Financial Position As at March 31 2024 2023 Current assets: Cash $118,100 $55,000 Accounts receivable 146,000 104,200 Inventory 409,300 345,000 Total current assets 673,400 504,200 Equipment 1,100,000 808,100 Accumulated depreciation, equipment (501,100) (539,600) Land 227,300 $1,499,600 $772,700 Liabilities and shareholders' equity Current liabilities Accounts payable $208,000 $62,300 Dividends payable 78,000 53,200 Total current liabilities 286,000 115,500 Bank loan payable 187,800 182,300 Common shares 599,600 372,300 426,200 102,600 Retained earnings $1,499,600 $772,700 SUNLAND ADVENTURES LTD. Statement of Income For the year ended March 31, 2024 Sales revenue Cost of goods sold Gross margin $1,890,000 955,000 935,000 Expenses Advertising expense $50,500 Wages expense 252,200 Utilities expense 23,700 Depreciation expense 162,600 Rent expenses 47,200 $536,200 Loss on sale of equipment Net income 14,700 $384,100 (a) Using the information above, prepare the statement of cash flows for Sunland Adventures Ltd. for the year ended March 31, 2024, 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).) SUNLAND ADVENTURES LTD. Statement of Cash Flows, Indirect Method For the Year Ended March 31, 2024 +A > > $ Non-cash investing and financing activities: During the year, land with a value of $ was acquired by issuing common shares of the same value.