The comparative unclassified statement of financial position for Ivanhoe Ltd shows the following balances at December 31 Ivanhoe Ltd. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 38,000 SO Accounts receivable 26,000 41,000 Inventory 33,000 58.000 Land 103.000 112.000 Buildings 523,000 265,000 Accumulated depreciation-buildings (66,000) 196,000) Equipment 84.000 42.000 Accumulated depreciation equipment (18.000) (14.000 Total assets $723,000 $408.000 Liabilities and Shareholders' Equity Bank overdraft $0 $9,000 Accounts payable $ 39,000 $ 21,000 Income tax payable 3.000 2000 Interest payable 6,000 7.000 Dividends payable 3,000 1.000 Bank loan payable-current portion 24,000 15.000 Bank loan payable-non-current portion 399.000 235.000 Common shares 194000 86.000 Retained earnings 55.000 32.000 Total liabilities and shareholders equity $728.000 $408.000 Additional information regarding 2021 1 Net Income was $60,000 2 Auf 2 Biotheca Additional information regarding 2021 1 Net income was $60,000 2. A gain of $7,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. 3 A gain on the disposal of $38,000 was recorded when an old building was sold for $56,000 cash. A new building was purchased for $363,000 and depreciation expense on buildings for the year was $57,000. Equipment costing $69.000 was purchased while a loss of $8,000 was recorded on equipment that was sold for $5,000. The equipment that was sold late in the year had accumulated depreciation of $14.000 4. 5. The company took out $205,000 of new bank loans during the year 6. Dividends were declared and paid and no common shares were bought back by the company. (a) Prepare the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either e-sign es -15,000 or in parenthesises (15,000 IVANHOE LTD. Statement of Cash Flows-Indirect Method Year Ended December 31, 2021 Cash flows from operating activities Net income 50000 Adjustments to reconcile net income to Net cash provided by operating activities Gain on disposal of land (7000) Gain on disposal of building $