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The comparative balance sheet for Ivanhoe Adventures Ltd., a private company reporting under ASPE, follows: IVANHOE ADVENTURES LTD. Balance Sheet December 31 Ansell 2017 2016 Cash $22,790 $6,678 Accounts receivable 40,280 45,050 Inventory 84,800 91,160 Prepaid expenses 6,360 2,650 Land 26,500 39,750 Equipment 143,100 100,700 Accumulated depreciation (47,700) (21,200) Total assets $276,130 $264,788 Liabllles and Men\" Entity Accounts payable $22,790 $20,140 Dividends payable 3,975 2,650 Income taxes payable 1,325 3,180 Bonds payable 63,600 95,400 Common shares 109,710 88,510 Retained eamlngs 74,730 54,908 Total liabilities and shareholders' equity $276,130 $264,788 Additional Information: Prot for 2017 was $37,047. Bonds payable of $31,800 were retired at maturity. Common shares were issued for $21,200. Land was sold at a loss of $5,300. No equipment was sold during 2017. Net sales for the year were $359,340. Cost of goods sold for the year was $233,094. Operating expenses (not Including depreciation expense) were $42,400. Interest expense was $2,650. Income tax expense was $12,349. PPHF'P'PE'N!' ._. P Prepare a cash flow statement using the direct method. (Show amounts that decrease cash ow with either a - sr'gn e.g. -15,000 or in parenthesis e.g. (15,000).) IVAN HOE ADVENTURES LTD. Cash Flow StatementDirect Method Year Ended December 3]