The comparative statement of financial position for Carla Vista Retailers Ltd. follows: Carla Vista Retailers Ltd. Statement of Financial Position December 31 Assets 2024 2023 Cash $0 $19,000 Accounts receivable 71,000 48,000 Inventory 218,000 165,000 Furniture 138,000 168,000 Accumulated depreciation (41,000) (49,000) Total assets $386,000 $351,000 Liabilities and Shareholders' Equity Bank indebtedness $6,000 $0 Accounts payable 65,000 45,000 Bank loan payable (non-current) 94,000 108,000 Common shares 47,000 57,000 Retained earnings 174,000 141,000 Total liabilities and shareholders' equity $386,000 $351,000 Additional information regarding 2024: 1. Net income was $38,000. 2. Depreciation expense was $17,000. 3. During the year, the company did not receive any new bank loans. 4. During the year, the company did not purchase furniture but did sell some furniture for $8,000, which resulted in a gain on disposal of $3,000. 5. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued CMC 6. During the year, the company paid all dividends declared. (a) Prepare a statement of cash flows using the indirect method for 2024. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CARLA VISTA RETAILERS LTD. Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities Net Income Adjustments to reconcile net income to Net Cash Used by Operating Activities 38000 ENG E Net Cash Used by Operating Activities Depreciation Expense Loss on Disposal of Furniture < 5 17000 5000 $ tA $ A