Current Attempt in Progress

Sunland Ltd$.,$ which follows ASPE, had the following comparative Statement of Financial Position:

Additional information:

Net income for the fiscal year was $$40,000.$

Equipment with an original cost of $$34,500$ and accumulated depreciation of $$12,500$ was sold for $$12,500$ cash during $2024.$

This disposal resulted in a $$9,500$ loss.

Prepare the operating activities section of a statement of cash flows using the indirect format. $($Show amounts that decrease cash flow

with either a$-$sign eg$.-15,000$ or in parenthesise.g $(15,000).)$

Cash Flows from Operating Acthities

Net income $/($Lass$)$

Adjustments to reconcile net income to

net cash provided by operating activities:

Depreclation Expense

Patent Amortization Expense

Gain on Disposal of Equipment

Increase in Accounts Recelvabie

Decrease in Inventory

Increase in Frepaid Expenses

Increase in Accounts Fayable

Decrease In Notes Payable