Statement of cash flows (indirect method)-80% The net changes in the statement of financial position accounts of Sharma Inc. for the calendar year 2023 are shown below: Account Cash, Accounts receivable. Allowance for expected credit losses. Inventory. Prepaid expenses. Long-term investments... Land..... Buildings. Machinery.. Office equipment... Accumulated depreciation: Buildings. Machinery. Office equipment. Accounts payable. Accrued liabilities. Dividends payable. Bonds payable.. Preferred shares Common shares. Retained earnings Machinery. Accumulated Depreciation-Machinery, Debit $ 62,500 108,600 10,000 Machinery... Cash. 6. A fully depreciated copier machine, which cost $14,000, was written off. 7. Preferred shares originally issued for $30,000 were redeemed for $40,000 8. Sharma Inc sold 6,000 common shares on June 15, 2023 for $25 a share. 9. Bonds were sold at 104 on December 31, 2023. 10. Land with a book value of $120,000 was sold for 554,000. Instructions Prepare a statement of cash flows (indirect method) for calendar 2023. 150,000 300,000 50,000 6,000 91,600 30,000 43.600 $852.600 Credit $ 32,000 7,000 72,000 14,000 12,000 10,000 36,000 64,000 416,000 Additional information: 1. Net income for the year was $70,000. 2. Cash dividends of $64,000 were declared December 15, 2023, payable January 15, 2024. A 5% common stock dividend was issued March 31, 2023, when the market value was $22.00 per share. At the time there were 36,000 common shares outstanding 189,600 3. The long-term investments were sold for $70,000. 4. A building which had cost $240,000, with a book value of $150,000, was sold for $200,000, and a new one was purchased. 5. The following entry was made to record an exchange of an old machine for a new one 80,000 20,000 5852.600 30,000 70,000