Wildhorse Adventures Ltd. (WAL) is a Canadian manufacturer of Class B motorhomes. The company has been experiencing exponential growth and is preparing to raise additional capital to fund its growth. As the vice-president of finance, you are tasked with preparing the statement of cash flows that is required as part of the loan application or a public offering. You have the statement of financial position and the statement of income to help you prepare the statement of cash flows. In addition, you also have the following information: 1. 2. 3. In October, WAL acquired land with a value of $223,400 by issuing common shares with an equivalent value. The land is to be used as a site for a new manufacturing facility WAL hopes to construct in the next year. In February, WAL sold equipment for $9,400 cash. The equipment had originally cost $223,400 and had a net carrying amount of $27,400 at the time of sale. During the year, the company borrowed $24,300 by increasing its bank loan payable. Assets WILDHORSE ADVENTURES LTD. Statement of Financial Position As at March 31 2024 2023 Current assets: Cash $122,000 $54,200 Accounts receivable 147,200 102,500 Inventory 480,150 339,700 Total current assets 749,350 496,400 Equipment 950,000 810,500 Accumulated depreciation, equipment Land (432,650) (539,600) 223,400 Liabilities and shareholders' equity Current liabilities $1,490,100 $767,300 Accounts payable $205,500 $62,300 Dividends payable 77,000 52,600 Total current liabilities 282,500 114,900 Bank loan payable 188,000 179,300 Common shares Retained earnings Statement of Income 595,700 372,300 423,900 100,800 $1,490,100 $767,300 For the year ended March 31, 2024 Sales revenue Cost of goods sold Gross margin $1,980,000 957,000 1,023,000 Expenses Advertising expense $51,100 Wages expense 253,200 Utilities expense 19,900 Depreciation expense 89,050 Rent expenses 46,700 $459,950 Loss on sale of equipment 18,000 Net income $545,050 | (a) Using the information above, prepare the statement of cash flows for Wildhorse Adventures Ltd. for the year ended March 31, 2024, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)