Uddin Corp.$$s statement of financial position at the end of $2023$ included the following items:

Current assets $$1,105,000$ Current liabilities $$1,020,000$

Land $30,000$ Bonds payable $1,100,000$

Buildings $1,120,000$ Common shares $180,000$

Equipment $320,000$ Retained earnings $174,000$

Accumulated depreciation$$buildings $(130,000)$ Total $$2,474,000$

Accumulated depreciation$$equipment $(11,000)$

Intangible assets$$patents $40,000$

Total $2,474,000$

The following information is available for the $2024$ fiscal year:

$1.$ Net income was $$391,000.$

$2.$ Equipment $($cost of $$20,000$ and accumulated depreciation of $$8,000)$ was sold for $$10,000.$

$3.$ Depreciation expense was $$4,000$ on the building and $$9,000$ on equipment.

$4.$ Amortization expense on a patent was $$3,000.$

$5.$ Current assets other than cash increased by $$29,000.$ Current liabilities increased by $$13,000.$

$6.$ An addition to a building was completed at a cost of $$31,000.$

$7.$ An FV$-$OCI investment in shares was purchased for $$20,500$ on the last day of the year. This was the first such investment made by Uddin in its history.

$8.$ Bonds payable of $$75,000$ were issued at par.

$9.$ Cash dividends of $$180,000$ were declared and paid. Dividends paid are treated as financing activities.

Uddin prepares financial statements in accordance with IFRS.

Instructions

a$.$ Prepare a statement of financial position $($SFP$)$ as at December $31,2024.($Hint: You will need to adjust $($plug$)$ the December $31,2024$ amount of current assets to ensure the SFP balances.$)$

b$.$ Prepare a statement of cash flows for the year ended December $31,2024,$ using the indirect method.