The financial statements of Oriole Ltd., a private company reporting under ASPE, follow: ORIOLELTD. Balance Sheet December 31 Assets 2021 2020 Cash $6.112 $9.300 Short-term notes receivable 11.900 21,200 Accounts receivable 26,800 12,800 Inventory 28,300 23.800 Property, plant, and equipment 70.400 75,800 Accumulated depreciation (28,800 (23.300) Total assets $114,712 $119.600 Liabilities and Shareholders' Equity Accounts payable $23.800 $41.900 Income tax payable 2,400 18.400 Notes payable 11,700 8.900 Common shares 22.900 22.900 Retained earnings 53.912 27.500 Total liabilities and shareholders' equity $114,712 $119,600 $280.800 191,400 89.400 ORIOLE LTD. Income Statement Year Ended December 31, 2021 Sales Cost of goods sold Gross profit Operating expenses $35,700 Loss on sale of equipment 1,700 Profit from operations Other revenues and expenses Interest revenue S(860) Interest expense 1.700 Profit before income tax Income tax expense Profit 37.400 52.000 840 51,160 15,348 $35,812 2. Additional information: 1. Short-term notes receivable are loans to other companies. During the year, the company collected the outstanding balance at December 31, 2020, and made new loans in the amount of $11.900. Equipment was sold during the year. This equipment cost $14.300 originally and had a carrying amount of $7.600 at the time of sale. 3. Equipment costing $8.900 was purchased in exchange for a $8.900 note payable. 4 Depreciation expense is included in operating expenses. 5. Accounts receivable are from the sale of merchandise on credit. Accounts payable relate to the purchase of merchandise on credit. 6. Prepare a cash flow statement for the year using the indirect method. (Show amounts that decrease cash flow with either a-sign eg. - 15,000 or in parenthesis eg. (15,000).) ORIOLELTD. Cash Flow Statement-Indirect Method Adjustments to reconcile profitto > $ > $