The comparative statement of financial position for Cullumber Retailers Ltd. follows: CULLUMBERRETAILERS LTD. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 0 $ 20,000 Accounts receivable 76,000 52.000 Inventory 226,000 173,000 Furniture 135,000 165,000 Accumulated depreciation (40,000) (50,000 Total assets $ 397,000 $360,000 Liabilities and Shareholders' Equity 12.000 $ 0 Liabilities and Shareholders' Equity Bank overdraft $ 12.000 $ 0 Accounts payable 73,000 50,000 Bank loan payable (noncurrent) 90,000 105,000 Common shares 52.000 62,000 Retained earnings 170,000 143,000 Total liabilities and shareholders' equity $ 397,000 $360,000 Additional information regarding 2021: 1: Net income was $32,000. 2 Depreciation expense was $16,000. 3. During the year, the company did not receive any new bank loans. -710 !!! 4. During the year, the company did not purchase furniture but did sell some furniture for $6,000, which resulted in a gain on disposal of $2,000. 5. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued 6. During the year, the company paid all dividends declared. (a) Prepare a statement of cash flows using the Indirect method for 2021. (Show amounts that decrease cash flow with either a - signes. -15,000 or in parenthesis es (15,000) CULLUMBER RETAILERS LTD. Statement of Cash Flows Year Ended December 31, 2021 Cash flows from operating activities Net Income CULLUMBER RETAILERS LTD. Statement of Cash Flows Year Ended December 31, 2021 Cash flows from operating activities Net income Adjustments to reconcile net income to Net cash provided by operating activities > V Depreciation expense $ Gainon disposal of furniture Increase in accounts receivable Increase in inventory