Current Attempt in Progress Medicinal Plant Ltd. (MPL) is a privately held distributor of medicinal marijuana tablets. The Vancouver Island-based company is well established and is currently managed by its founder, Dylan Roberts. The company's financial statements are presented below, together with some additional information MEDICINAL PLANT LTD. Statement of Income For the Year Ended December 31, 2020 Sales $45.390,000 Cost of goods sold 29.400,000 Gross profit 15,990,000 Wages expense 1.810,000 Depreciation expense 1.510,000 Interest expense 1.360.000 Income tax expense 1,620,000 Gain on sale of equipment (300,000) Net income $9.990.000 MEDICINAL PLANT LTD. Statement of Financial Position As at December 31 2020 2019 Assets Current assets: Cash $6,440,000 13,510,000 17,020,000 $5,550,000 15,860,000 20,180,000 41,590,000 44,870,000 (8,680,000) 36,970,000 42,360,000 (9,330,000) $70,000,000 $77,780,000 Accounts receivable (net) Inventory Total current assets Equipment Accumulated depreciation, equipment Total assets Liabilities and shareholders' equity Current liabilities: Accounts payable Wages payable Total current liabilities Bonds payable Common shares Retained earnings Total liabilities and shareholders' equity $7,990,000 $7,700,000 1,780,000 2,010,000 9,480,000 10,000,000 27.820,000 7.920,000 24.120.000 11.620.000 32,560,000 $77,780,000 24,260,000 $70,000,000 MEDICINAL PLANT LTD. Other Selected Financial Information for the Year Ended December 31, 2020 1. Total sales in 2020 were consistent with the prior years, and the company's dividend policy has remained consistent for the past five years. During 2020, MPL sold a piece of equipment for $2,490,000. The equipment had originally cost $4,350,000 and had a net carrying amount of $2,190,000 at the time of sale. On August 1, 2020, MPL's board of directors approved the retirement of bonds with a carrying amount of $3,700.000 through the issuance of common shares. 2. 3. (21) MPL's management shareholders have asked you to prepare the statement of cash flows for MPL using the indirect method for determining cash flows from operating activities. (Show amounts that decrease cash flow with either a-sign 2.8. - 15,000 or in parenthesis eg. (15,000)) (a1) MPL's management shareholders have asked you to prepare the statement of cash flows for MPL using the indirect method for determining cash flows from operating activities. (Show amounts that decrease cash flow with elther a - signes. -15,000 or in parenthesis es. (15,000)) Medicinal Plant Ltd. Statement of Cash Flows, Indirect Method For the Year Ended December 31, 2020 . $ $ Supplemental Cash Flow information: Cash paid for interest $ Cash paid for income tax $ Non-cash investing and financing activities: During the year, the company's board of directors approved the retirement of bonds with a carrying amount of $ through the issuance of common shares