The comparative balance sheet for Storm Adventures Ltd., a private company reporting under ASPE, follows:

Additional information:
1. Profit for 2017 was $69,900.
2. Bonds payable of $60,000 were retired at maturity.
3. Common shares were issued for $40,000.
4. Land was sold at a loss of $10,000.
5. No equipment was sold during 2017.
6. Net sales for the year were $678,000.
7. Cost of goods sold for the year was $439,800.
8. Operating expenses (not including depreciation expense) were $80,000.
9. Interest expense was $5,000.
10. Income tax expense was $23,300.
Instructions
Prepare a cash flow statement using either (a) the indirect method or (b) the direct method, as assigned by your instructor.

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STORM ADVENTURES LTD Balance Sheet December 31 Accumulated depreciation $499,600 Liabilities and Shareholders' le Total liabilities and shareholders' equity $499,600