Presented below is the comparative balance sheet for Oriole Inc., a private company reporting under ASPE, at December 31, 2021, and 2020: ORIOLE INC. Balance Sheet December 31 Assets 2021 Cash $58.000 Accounts receivable 101.000 Inventory 205.000 Long-term investment 101.500 Property, plant, and equipment 535.000 Less: Accumulated depreciation (162.500 5838.000 Liabilities and Shareholders' Equity Accounts payable $57.500 Dividends payable 6,000 Income tax payable 14.000 Long-term notes payable 25.000 Commons 630.000 Retained earnings 10500 5838.000 2020 $98.000 75,000 155.500 0 460,000 (140,000 5648.500 $47.000 15.000 . 525.000 6150D 5648,500 Common shares Retained earnings 630,000 105,500 $838,000 525,000 61,500 $648,500 ORIOLE INC. Income Statement Year Ended December 31, 2021 Sales $654,000 Cost of goods sold 432,000 Gross profit 222,000 Operating expenses $147,500 Loss on sale of equipment 3,000 150,500 Profit from operations 71,500 Interest expense 3,000 Interest revenue (4,500) (1,500) Profit before income tax 73.000 Income tax expense 14.000 Profit $59.000 Additional information: 1. Cash dividends of $15,000 were declared. 2. Along-term investment was acquired for cash at a cost of $101,500. 3. Depreciation expense is included in the operating expenses. 4. The company issued 10,500 common shares for cash on March 2, 2021. The fair value of the shares was $10 per share. The proceeds were used to purchase additional equipment. Equipment that originally cost $30,000 was sold during the year for cash. The equipment had a carrying value of $9,000 at the time of sale. 6. The company issued a note payable for $28,000 and repaid $3,000 by year end. 7. All purchases of inventory are on credit. 8. Accounts Payable is used only to record purchases of inventory 5 Prepare a cash flow statement for the year using the direct method. (Show amounts that decrease cash flow with elther a - sign eg.-15,000 or in parenthesis es. (15,000).) ORIOLE INC. Cash Flow Statement - Direct Method Year Ended December 31, 2021 Net Cash Used by Operating Activities