The statement of income and unclassified statement of financial position for Cullumber Inc. follow:

Assets

Cash

Accounts receivable

Inventory

Estimated inventory returns

Long$-$term investments

Equipment

Accumulated depreciation

Total assets

Liabilities and Shareholders' Equity

Accounts payable

Property tax payable

Refund liability

Cullumber Inc.

Statement of Financial Position

December $31$

$2024$

$$83\mathrm{.}100$

$79\mathrm{.}800$

$131\mathrm{.}000$

$1\mathrm{.}760$

$93\mathrm{.}700$

$289\mathrm{.}000$

$(48\mathrm{.}900)$

$$629\mathrm{.}460$

$2023$

$$48\mathrm{.}200$

$36\mathrm{.}800$

$102\mathrm{.}000$

$1\mathrm{.}100$

$106\mathrm{.}000$

$205\mathrm{.}000$

$(39\mathrm{.}700)$

$$459\mathrm{.}400$

$$63\mathrm{.}500$

$11\mathrm{.}300$

$970$

$$48\mathrm{.}400$

$17,900$

$660$

Bank loan payable$-$non$-$current portion

Common shares

Retained earnings

Total liabilities and shareholders' equity

$127\mathrm{.}000$

$14\mathrm{.}000$

$241\mathrm{.}000$

$171\mathrm{.}690$

$$629,460$

$60,200$

$10\mathrm{.}000$

$202\mathrm{.}000$

$120\mathrm{.}240$

$$459\mathrm{.}400$

Cullumber Inc.

Statement of Income

Year Ended December $31,2024$

Sales

Cost of goods sold

Gross profit

Operating expenses

Income from operations

Other income and expenses

Interest expense

Realized loss on sale of long$-$term investments

Income before income tax

$$318\mathrm{.}000$

$100\mathrm{.}100$

$217,900$

$82\mathrm{.}800$

$135\mathrm{.}100$

$$12,900$

$7\mathrm{.}500$

B SUPPOrT

$20\mathrm{.}400$

$114\mathrm{.}700$

Income tax expense

Net income

$27,390$

$$87\mathrm{.}310$

Additional information regarding $2024$:

$1.$

$2.$

$3.$

$4.$

$5.$

$6.$

$7.$

Long$-$term investments were sold for $$4,800,$ resulting in a realized loss of $$7,500.$

New equipment costing $$140,000$ was purchased for $$69\mathrm{.}200$ cash and a $$70,800$ bank loan payable.

Equipment costing $$56,000$ was sold for $$15,400,$ resulting in a gain of $$8,300.$

Accounts payable relate to merchandise suppliers; property tax payable relates to operating expenses.

A dividend was paid during the year.

Operating expenses include $$58,100$ of depreciation expense and an $$8,300$ gain on disposal of equipment.

The company issued common shares for $$60,000$ cash and bought back and retired some other common shares at the cost they were originally issued at$.$

$($a$)$ Prepare the statement of cash flows using the direct method. $($Show amounts that decrease cash flow with either a $-$ sign e$.$g$.$

$-15,000$ or in parenthesis e$.$g$.(15,000).)$ Note X to the Statement of Cash Flows: Equipment costing $ $(?)$ issuing a bank loan pavable for $$70\mathrm{.}800$

was purchased by paying $$69,200$ cash and