The condensed financial statements of Stauttner, Inc. appear below: STAUTTNER, INC. Statement of Financial Position December 31 Assets 2020 2019 Cash $62,092 $36,120 Accounts receivable 57,200 54,560 Inventories 105,650 108,860 Prepaid expenses 5,720 5,460 Property, plant, and equipment 215,600 211,200 Accumulated depreciation (65,560) (63,360) Intangible assets 47,680 40,480 $428,382 $393,320 Liabilities and Shareholders' Equity Accounts payable $41,180 $36,080 Wages payable 14,960 13,640 Income taxes payable 1,100 1,540 Bonds payable 83,600 96,800 Common shares 154,000 154,000 Retained earnings 133,542 91,260 $428,382 $393,320 STAUTTNER, INC. Statement of Income Year Ended December 31, 2020 Sales $482,200 Cost of goods sold 303,600 Gross profit 178,600 Operating expenses $33,880 Depreciation expense 40,920 Loss on sale of equipment 6,290 81,090 Profit from operations 97,510 Less: Interest expense 2,400 Profit before income tax 95,110 Income tax expense 28,533 Net income $66,577 Additional information: 1. New equipment costing $62,480 was purchased for cash during the year. The increase in intangible assets is related to legal fees incurred to trademark new packaging designs. 2 2. 3. Accounts payable relate only to merchandise creditors. 4. Operating expenses included wages expense of $28,160. 5. . Interest expense was paid in cash during the year. Prepare a statement of cash flows for Stauttner Inc. using the indirect method. Assume Stauttner follows IFRS and has chosen to cla: interest paid and collected as operating activities and dividends received as operating activities while dividends paid are financing activities. (Show amounts that decrease cash flow with either o - sign g. -15,000 or in parenthesis eg. (15,000).) STAUTTNER, INC. Statement of Cash Flows (Indirect Method) Year Ended December 31, 2020 $ Adjustments to reconcile net profit to