The following information is for Harley Holdings Ltd. for the year ended January 31, 2020. HARLEY HOLDINGS LTD. Statement of Financial Position As at January 31 2020 2019 Assets Current assets: Cash $38,000 $27,740 Accounts receivable 65,970 41,800 Inventory 72,660 77,290 Total current assets 176,630 146,830 Equipment 133,000 110,200 Accumulated depreciation, equipment (33,060) (29,640) Land 91,200 129,200 $367,770 $356,590 Liabilities and shareholders' equity Current liabilities: Accounts payable $34,430 $47,270 Dividends payable 9,880 3,800 Total current liabilities 44,310 51,070 Bank loan payable 76,000 106,400 Common shares 114,000 98,800 Retained earnings 133,460 100,320 $367,770 $356,590 HARLEY HOLDINGS LTD. Statement of Income For the year ended January 31, 2020 Sales revenue $330,600 Cost of goods sold 224,200 Gross profit 106,400 Expenses Wages expense $11,550 Depreciation expense 20,140 Rent expense 11,480 Income tax expense 11,170 54.340 Operation income 52,060 Gain on sale of equipment 760 Net Income $52,820 Additional information: 1. Equipment costing $26,600 was sold for $10,640. 2. Land was sold at cost and none was purchased during the year. (a1) Using the above information, prepare the statement of cash flows for Harley Holdings Ltd. for the year ended January 31, 2020, using indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) HARLEY HOLDINGS LTD. Statement of Cash Flows, Indirect Method For the Year Ended January 31, 2020 Supplementary disclosures Cash paid for income tax