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Cullumber L.td., which follows ASPE had the following comparative statement of financial position: Additional information: Net income for the fiscal year was $55,000. Equipment that cost $41,100 and was 70% depreciated was sold during 2024, for a gain of $3,500. No patents were purchased or sold during the fiscal year. The current Notes Payable are trade payables issued by Cullumber Ltd. for the purchase of inventory. Net income for the fiscal year was $55,000. Equipment that cost $41,100 and was 70% depreciated was sold during 2024 , for a gain of $3,500. No patents were purchased or sold during the fiscal year. - The current Notes Payable are trade payables issued by Cullumber Ltd, for the purchase of inventory. Prepare the operating activities section of a statepent of cash flows using the indirect format. (Show amounts that decrease cash flow with either a - sign es. 15,000 or in parenthesis eg. (15,000). Cullumber Ltd, Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities Net Income / (Loss) $55000 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense Patent Amortization Expense Gain on Disposal of Equipment Increase in Accounts Receivable Decrease in inventory. Increase in Prepaid Insurance Increase in Accounts Payable $ 49370 41000 2300 11800 Gain on Disposal of Equipment Increase in Accounts Recelvable Decrease in Inventory Increase in Prepaid Insurance Increase in Accounts Payable Increase in Salaries and Wages Payable Decrease in Income Taxes Payable Decrease in Notes Payable Net Cash provided by Operating Activities 36500 41000