Tuit Inc., a greeting card company that follows ASPE, had the following statements prepared as at December 31, 2023 Tult Inc. Comparative Statement of Financial Position December 31 2023 2022 Cash $53,625 $25,000 Accounts receivable. 58,000 51,000 Inventory 40,000 60,000 Prepaid rent 5,000 4,000 Equipment 154,000 130,000 Accumulated depreciation-equipment (35,000) (25,000) Goodwill 20,000 50,000 Total assets $295.625 $295,000 Accounts payable $46,000 $40,000 Income tax payable 4,000 6.000 Salaries and wages payable 8,000 4,000 Short-term loans payable 8.000 10,000 Long-term loans payable 60,000 69,000 Common shares 130,000 130,000 Retained earnings 39.625 36.000 a Retained earnings Total liabilities and shareholders' equity Tuit Inc. Income Statement Year Ended December 31, 2023 39,625 36,000 $295,625 $295,000 Sales revenue Cost of goods sold Gross margin $338,150 165,000 173,150 Operating expenses Operating income 120,000 53,150 Interest expense $11,400 Impairment loss-goodwill 30,000 Gain on disposal of equipment (2,000) 39,400 Income before income tax 13,750) Income tax expense 4,125 Net income $9.625 Additional information. Dividends on common shares in the amount of $6,000 were declared and paid during 2023. Dividends paid are treated as financing activities. 1. 2. Depreciation expense is included in operating expenses, as is salaries and wages expense of $69,000. 3. Equipment with a cost of $20,000 that was 70% depreciated was sold during 2023. Prepare a statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a negative sign eg-10,000 or in parenthesis eg. (10,000)) Cash Flows from Operating Activities Tuit Inc. Statement of Cash Flows (Direct Method) For the Year Ended December 31, 2023 $