The comparative statement of financial position for Sunland Retailers Ltd. follows: SUNLANDRETAILERS LTD. Statement of Financial Position December 31 Assets 2021 2020 Cash $ $ 17,000 Accounts receivable 76,000 49,000 Inventory 221,000 171,000 Furniture Accumulated depreciation 129,000 160,000 (39,000) (48,000) Total assets $ 387,000 $ 349,000 Liabilities and Shareholders' Equity Bank overdraft $ 8,000 $ Accounts payable 70,000 48,000 Bank loan payable (noncurrent) 89,000 104,000 Common shares 54,000 64,000 Retained earnings 166,000 133,000 Total liabilities and shareholders' equity $ 387,000 $ 349,000 Additional information regarding 2021: 1. Net income was $38,000. 2. Depreciation expense was $18,000. 3. During the year, the company did not receive any new bank loans. 4. 5. 6. 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. No common shares were issued during the year but some were repurchased at the cost at which they were originally issued. 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-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flows from operating activities SUNLAND RETAILERS LTD. Statement of Cash Flows Year Ended December 31, 2021