The comparative statement of financial position for Sheridan Retailers Ltd. follows: Sheridan Retailers Ltd. Statement of Financial Position December 31 2024 2023 Assets $11,000 $8,000 Cash Accounts receivable 53,000 41,000 Inventory 170,000 145,000 Furniture 169,000 85,000 Accumulated depreciation (49,000) (26,000) Total assets $354,000 $253,000 Liabilities and Shareholders' Equity Accounts payable $45,000 $34,000 Bank loan payable (current portion) 15,000 15,000 Bank loan payable (non-current portion) 86,000 61,000 Common shares 60,000 55,000 Retained earnings 148,000 88,000 Total liabilities and shareholders' equity $354,000 $253,000 1. Net income was $60,000. 2. 3. Depreciation expense was $23,000. 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 e.g. -15,000 or in parenthesis e.g. (15,000).) SHERIDAN RETAILERS LTD. Statement of Cash Flows : Adjustments to reconcile net income to ** 02 5 MacBook Air < 9 W E R T S D F G H 8 DII DO 2 - O v! K L X C V B N M H V P . ^ (a) Prepare a statement of cash flows using the indirect method for 2024. (Show amounts that decrease cash flow with eith sign e.g.-15,000 or in parenthesis e.g. (15,000).) SHERIDAN RETAILERS LTD. Statement of Cash Flows Adjustments to reconcile net income to SO 2 3 W E S S 02 5 MacBook Air < 6 Q DII FO 7: 7 8 T Y U 8: DO a O P D F G H J K L S 10 R Question 2 of 3 < > $ -/4 Question 2 of 3 < $ $ -/4