Additionally, can you please explain the depreciation calculation for the equipment that was sold?

The financial statements of Panda Express Limited appear below: PANDA EXPRESS LIMITED Comparative Statements of Financial Position March 31 Assets 2023 2022 Cash ... $118,000 $ 46,000 Accounts receivable ..... 62,000 68,000 Inventory .... 40,000 30,000 Property, plant, and equipment. 100,000 156,000 Accumulated depreciation ...... (40,000) (48,000) Total ...... .... $280,000 $252,000 Liabilities and Shareholders' Equity Accounts payable ........ $ 30,000 $ 46,000 Income tax payable.. 26,000 16,000 Mortgage payable.. 18,000 66,000 Common shares ........ 78,000 48,000 Retained earnings ..... 128,000 76,000 Total ....... $280,000 $252,000 PANDA EXPRESS LIMITED Statement of Income Year Ended March 31, 2023 $760,000 Cost of goods sold.. 580,000 Gross profit ........ 180,000 Operating expenses ......... 72,000 Interest expense .... 8,000 Income before income tax ..... 100,000 Income tax expense . 20,000 Net income ..... $ 80,000 Additional information regarding fiscal 2023: 1. Dividends declared and paid were $28,000. 2. During the year, equipment was sold for $24,000 cash. This equipment cost $56,000 originally and had a carrying amount of $24,000 at the time of sale. 3. Depreciation expense is included in operating expenses. 4. All sales and purchases are on account. . Accounts payable pertain to merchandise suppliers. . All operating expenses except for depreciation were paid in cash. Instructions Using the direct method, prepare a statement of cash flows for the year ended March 31, 2023. Panda uses ASPE