Xtreme Inc.'s comparative balance sheets at December 31, 2022 and 2021 and its income statement for the year ended December 31,2022 are shown below: Other information: a. All sales are credit sales. All credits to accounts receivable in the period are receipts from customers. b. All purchases of merchandise are on credit. All debits to accounts payable in the period result from payments for merchandise. c. Depreciation expense is included in operating expenses. All other operating expenses are cash expenses. d. Note "Gain" is bracketed as it is included in the expense area and is a gain, not an expense. e. Classification of interest and dividends follows ASPE rules. During 2015 , the following transactions occurred: 1. Purchased equipment for $32,000 cash. 2. Equipment with a cost of $51,200 and a carrying value of $17,600 was sold for cash at a gain of $10,600. REQUIRED: Prepare a cash flow statement for Xtreme Inc. using the indirect method