The comparative statement of financial position of Bridgeport Corporation as at December 31, 2020, follows: BRIDGEPORT CORPORATION Statement of Financial Position December 31 December 31 Assets 2020 2019 Cash 51,500 $ 10,000 Accounts receivable 90,800 88,700 Equipment 27,600 21.900 Less: Accumulated depreciation (9.900) (11,500) Total $ 160,000 $ 109,100 Liabilities and Shareholders' Equity Accounts payable 20,000 14,200 Common shares 100,000 79.200 40,000 15,700 Retained earnings $ 160,000 $ 109,100 Total Net income of $ 37.200 was reported and dividends of $ 12,900 were declared and paid in 2020. New equipment was purchased, and equipment with a carrying value of $ 4,900 (cost of $ 11,800 and accumulated depreciation of $ 6,900) was sold for $8,400. Prepare a statement of cash flows using the indirect method for cash flows from operating activities. Assume that Bridgeport prepares financial statements in accordance with ASPE. (Show amounts that decrease cash flow with either a - signes. -15,000 or in parenthesis eg. (15,000).) BRIDGEPORT CORPORATION Statement of Cash Flows For the Year Ended December 31, 2020 Cash Flows from Operating Activities Net Income /(Loss) $ 37,200 Adjustments to reconcile net income to net cash provided by operating activities: $ Depreciation Expense Gain on Disposal of Equipment Increase in Accounts Payable Increase in Accounts Receivable Cash Flows from Investing Activities Proceeds from Sale of Equipment 8,400 Purchase of Equipment Net Cash used by Investing Activities Cash Flows from Financing Actiyities Issuance of Common Shares Payment of Cash Dividends 41.500 Net Increase in Cash 10.000 Cash at Beginning of Year 51500 Cash at End of Year