The comparative statement of financial position for Pharoah Retailers Ltd. follows: Pharoah Retailers Ltd. Statement of Financial Position December 31 Assets 2024 2023 Cash $14,000 $9,000 Accounts receivable 50,000 38,000 Inventory 169,000 140,000 Furniture 168,000 83,000 Accumulated depreciation (48,000) (28,000) Total assets $353,000 $242,000 Liabilities and Shareholders' Equity Accounts payable $53,000 $38,000 Bank loan payable (current portion) 16,000 14,000 Bank loan payable (non-current portion) 84,000 61,000 Common shares 56,000 51,000 Retained earnings 144,000 78,000 Total liabilities and shareholders' equity $353,000 $242,000 Additional information regarding 2024: 1. Net income was $66,000. 2 2. 3. Depreciation expense was $20,000. Payments made to the bank pertaining to the bank loan were $10,000. The company obtained some new bank loans during the year. 4. Common shares were issued during the year and the company did not buy back any shares. 5. During the year, the company did not sell any furniture. (a) Prepare a statement of cash flows using the indirect method for 2024. (Show amounts that decrease cash flow with either a -sign eg -15,000 or in parenthesis eg. (15,000).) PHAROAH RETAILERS LTD. Statement of Cash Flows Adjustments to reconcile net income to $ A Adjustments to reconcile net income to $ EA < < S