Current Attempt in Progress The following is a comparative SFP position and income statement for Vaughn Corporation: Vaughn Corporation Statement of Financial Position As at September 30 Assets 2023 2022 Cash $95,000 $128,100 Accounts receivable 105,200 81,100 Inventory 110,200 227,100 Prepaid operating expenses 25,200 19,100 Long term investments 250,200 122,100 Equipment 1,419,100 1,321,100 Less: Accumulated depreciation (520,000) (450,000) $1,484,900 $1,448,600 Liabilities and Shareholders' Equity Accounts payable $74,100 $82,100 Income tax payable 21,100 14,100 Bonds payable 900,100 950,100 Common shares 200,200 140,100 Retained earnings 289,400 262,200 $1,484,900 $1,448,600 AT T e o lel = (o) Income Statement For the year ended September 30, 2023 Sales revenue $892,000 Cost of goods sold 625,000 Gross profit 267,000 Operating expenses 185,000 Income from operations 82,000 Interest expense 3,000 Gain on disposal of equipment 2,100 Income before income tax 81,100 Income tax expense 32,000 Net income $49,100 ADDITIONAL INFORMATION: . Depreciation expense is included in \"operating expenses.\" All accounts payable transactions were related to the purchase of inventory. . During the year, a piece of equipment that originally cost $100,000 was sold for cash. The equipment was 60% depreciated at the time of the sale. . Long-term investments were purchased for cash during the year. Prepare a statement of cash flows, in good form, for Vaughn Corporation, using the direct method. Vaughn Corporation follows ASPE. (Show amounts that decrease cash flow with either a negative sign e.g. -15,000 or in parenthesis e.g. (15,000).) Vaughn Corporation Statement of Cash Flows For the Year Ended September 30, 2023 ML Cash Flows from Operating Activities v Cash Paid for Interest v $ (3000) Cash Paid to Suppliers v Cash Paid for Taxes v Cash Paid to Suppliers M Net Cash Provided by Operating Activities $ Cash Flows from Investing Activities g Purchase of Long-Term Investment ~ Purchase of Equipment v Sale of Long-Term Investment N Net Cash Used by Investing Activities v Cash Flows from Financing Activities g Paid Bonds L Issued Common Shares v Paid Dividends v Net Cash Used by Financing Activities % Decrease in Cash v Cash Balance, Beginning of Year v 128100 Cash Balance, End of Year v $ 25000 eTextbook and Media Save for Later = Last saved 21 minutes ago. Attempts: 0 of 3 used Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes