Tulip Inc.
Statement of Financial Position
31-Dec-21
			2021	2020
Assets
Cash			72,575	40,992
Accounts receivable			69,353	33,489
Inventory			98,823	103,095
Long-term Investments			70,794	70,794
Equipment			237,392	172,109
Accumulated depreciation			(38,576)	(34,337)
Total assets			510,361	386,142
Liabilities and Shareholders' Equity
Accounts payable			49,767	38,364
Bank loan payable			64,011	64,011
Common shares			220,436	178,044
Retained earnings			176,147	105,723
Total liabilities and shareholders' equity			510,361	386,142
Tulip Inc.
Statement of Income
Year ended December 31, 2021
Sales				368,666
Cost of goods sold				(86,445)
Gross profit				282,221
Operating expenses				(75,080)
Income from operations				207,141
Other revenues and expenses
Interest expense			11,489	(11,489)
Income before tax				195,652
Income tax expense				(24,324)
Net income				171,328

Additional Information:

1. New equipment costing $90,000 was purchased for cash.
2. Equipment costing $24,717 was sold for $5,000, resulting in a gain of $1,044 that is included in operating expenses.
3. Additional common shares were issued during the year.
4. Cash dividends were paid during the year.
5. Included in operating expenses is an amount of $25,000 for depreciation.

Required:

Prepare in proper format, a Statement of Cash Flows for Tulip Inc. for the year ended

December 31, 2021, using the indirect method. SHOW ALL WORKINGS AND CALCULATIONS.