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. 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. 2. 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. 3. During the year, the company borrowed $26,000 by increasing its bank loan payable. SUNLAND ADVENTURES LTD. Statement of Income For the year ended March 31, 2024 \begin{tabular}{|c|c|c|} \hline \multicolumn{2}{|l|}{ Sales revenue } & $1,890,000 \\ \hline \multicolumn{2}{|l|}{ Cost of goods sold } & 955,000 \\ \hline \multicolumn{2}{|l|}{ Gross margin } & 935,000 \\ \hline \multicolumn{3}{|l|}{ Expenses } \\ \hline Advertising expense & $50,500 & \\ \hline Wages expense & 252,200 & \\ \hline Utilities expense & 23,700 & \\ \hline Depreciation expense & 162,600 & \\ \hline Rent expenses & 47,200 & $536,200 \\ \hline Loss on sale of equipment & & 14,700 \\ \hline Net income & & $384,100 \\ \hline \end{tabular} 731,(15,000).) Non-cash investing and financing activities: During the year, land with a value of $ was acquired by issuing common shares of the same value. (b) Determine the cash flows from operating activities using the direct method. (Show amounts that decrease cash flow with either a sign e.g. 15,000 or in parenthesis e.g. (15,000).)