The following information relates to the Saskatoon Inc. Liabilities and Shareholder's Equity Trade payables $59,000 $31,000 Long-term notes payable 40,000 5,000 Common shares 11,00011,000 Retained earnings 36,000 27,000 $146,000 $74,000 Sales Cost of sales Gross profit \begin{tabular}{l} $400,000 \\ 250,000 \\ \hline 150,000 \end{tabular} Expenses Selling, general and administrative Depreciation 65,000 Total operating expenses 75,000 75,000 5,000 80,000 20,000 $60,000 Additional information: 1. The carrying amount of the equipment at the end of 2021 and 2020 was determined as follows: 2. Equipment costing $20,000 was purchased during the year in exchange for a note payable instead of cash. There were no other non-cash transactions during the year. 3. Equipment was sold during the year. The equipment had a cost of $11,000 and accumulated depreciation of $5,000. Required: Prepare a statement of cash flows for the year ended December 31,2021 , using the indirect method. Space is provided for your response on the next page of this exam