Very Important Question

The comparative, unclassified statement of financial position for Cullumber Ltd. shows the following balances at December 31 Cullumber Ltd. Statement of Financial Position December 31 Assets 2021 2020 Cash $ 3.000 $ 34,000 Trading investments D 41,000 Accounts receivable 83,000 45,000 Inventory 106,000 75,000 Land 180,000 229,000 Buildings 929,000 529,000 Accumulated depreciation-buildings (145,000) (191,000) Equipment 97.000 68,000 Accumulated depreciation-equipment (48,000) (25,000 Total assets $1,205,000 $805,000 Liabilities and Shareholders' Equity Accounts payable $ 26,000 $ 74,000 Income tax payable 4000 7,000 Interest payable 22,000 16,000 Bank loan payable-current portion 53,000 42,000 Bank loan payable-non-current portion 901.000 420.000 Common shares 157.000 182.000 Retained earnings 42,000 64.000 Total liabilities and shareholders' equity $1.205,000 $805,000 Retained earnings 42,000 64,000 Total liabilities and shareholders' equity $1,205,000 $805,000 Additional information regarding 2021: 1. Net Income was $13,000 Trading investments consist of term deposits, which are short term, highly liquid debt investments maturing. In this case, in 2. 60 days. 3. 4 A loss of $22,000 was recorded on the disposal of a small parcel of land. No land was purchased during the year. Again on disposal of $16,000 was recorded when an old building was sold for $44,000 cash. A new building was purchased for $520,000 and depreciation expense on buildings for the year was $46,000. Equipment costing $75,000 was purchased while a loss of $14,000 was recorded on equipment that originally cost $46,000 and was sold for $22.000 5. 6 The company received $517,000 from new bank loans during the year. 7. Dividends were declared and paid during the year. 8. No common shares were issued during the year, but some were bought back and retired at the amount they were originally Issued at (a) Prepare the statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either ass -15.000 or in parenthesis es (15,000 Protestant of cash flowing the direct miod what do with 5.000 in 15.000 CULLUMEER LTD. Statement of Cash Flows > Atom > > > > > > > > > 5 > > > > > > >