Tamarisk Inc. is a major retailer of road bicycles and a promoter of riding bicycles to work, both to save the environment and improve physical fitness. Financial statements for Tamarisk are presented below. Current Assets Cash Accounts receivable Inventory Prepaid expenses Total current assets TAMARISK INC. STATEMENT OF FINANCIAL POSITION December 31 2024 2023 $56.550 $20,750 24,550 10,450 30,650 15,650 15,900 10,900 127,650 57,750 Property and equipment Property and equipment 160,850 150.850 Less: Accumulated depreciation (78,900) (70,000) Net property and equipment 81,950 80,850 TOTAL ASSETS $209,600 $138,600 Current liabilities Accounts payable 11,600 15.500 Salaries payable 10,900 8.900 Interest payable 2,450 3,450 Total current liabilities 24,950 27,850 Loan payable 100,850 60,850 Total liabilities 125,800 88,700 Shareholders' equity Common shares 9,850 950 Retained earnings 73,950 48,950 Total shareholders' equity 83,800 49,900 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $209,600 $138,600 TAMARISK INC. INCOME STATEMENT For the Years Ended December 31 2024 2023 Sales revenue $613,100 $500,000 Cost of sales 419.000 350,000 Gross margin 194,100 150,000 Expenses Salaries expense 136,000 125,000 Interest expense 3,500 2,400 Other expenses 6,000 3,000 Depreciation expense 14,900 8,000 Total expenses 160,400 138,400 Operating income 33,700 11,600 Gain on disposal of equipment 1.900 Income tax expense 6.400 1,972 Net income $29,200 $9,628 The following is additional information concerning Tamarisk's transactions during the year ended December 31, 2024: Equipment costing $40,000 was purchased by paying $34,500 cash and issuing 100 shares. Equipment costing $30,000 that was purchased at the beginning of 2023 was sold at the end of 2024 for $25,900. Straight- line depreciation had been used with an expected asset life of 10 years and a residual value of $0. The "other expenses" relate to prepaid items. In order to supplement its cash, Tamarisk borrowed an additional $40,000 and issued an additional 100 shares. Cash dividends of $4,200 were paid at the end of the fiscal year. Cost of sales includes $140,000 of direct labour costs. Prepare a statement of cash flows for Tamarisk for the year ended December 31, 2024, using the indirect method. Tamarisk follows ASPE. (Show amounts that decrease cash flow with either a negative sign e.g. -15,000 or in parenthesis e.g. (15,000).) Tamarisk Inc. Statement of Cash Flows Add/(Deduct) non-cash items: $ Non-cash investing and financing activities $