PROBLEM III A comparative balance sheet for Halper Corporation appears on the next page, and the statement of cash flows form follows. Explain below, why you must convert from an accrual basis of accounting to a cash basis accounting using the indirect method: Halpern Corporation Comparative Balance Sheet Dec 31, 2021 Des 31, 2020 assets Cash Accounts receivable (net) Prepaid Insurance Land Equipment Accumulated depreciation equipment Total assets $36.000 70,000 25,000 18,000 70,000 (20.000) $199.000 $31.000 60,000 17,000 40,000 60,000 (13.000) $195.000 Liabilities and Stockholders' Equity Accounts payable $ 11,000 Bonds payable 27,000 Common stock 140,000 Retained earnings 21.000 Total liabilities and stockholders' equity $199.000 $ 6,000 19,000 115,000 55.000 $195.00.0 year. Additional information: 1. Net Loss for 2021 is $20,000. 2. Cash dividends of $14,000 were declared and paid during the year. 3. Land was sold for cash at a loss of $4,000. This was the only land transaction during the 4. $22,000 of bonds were retired during the year at carrying (book) value 5. Equipment with a cost of $15,000 and accumulated depreciation of S10,000 was sold for $5.000 cash 6. Equipment was acquired for common stock. The fair value of the stock at the time of exchange was $25,000 Instructions Prepare a statement of cash flows for the year ended December 31, 2021, using the indirect method. Use the form on the next page