The comparative balance sheet for Cullumber Adventures Ltd., a private company reporting under ASPE, follows: CULLUMBER ADVENTURES LTD. Balance Sheet December 31 Assets 2021 2020 Cash $16,340 $4,788 Accounts receivable 28,880 32,300 Inventory 60,800 65,360 Prepaid expenses 4.560 1.900 Land 19,000 28,500 102,600 72,200 Equipment Accumulated depreciation Total assets (34,200) (15,200) $197.980 $189,848 Liabilities and Shareholders' Equity Equipment 102,000 Accumulated depreciation (34,200) (15,200) Total assets $197.980 $189,848 Liabilities and Shareholders' Equity Accounts payable $16,340 $14,440 I 2,850 1,900 Dividends payable Income taxes payable 950 2,280 Bonds payable 45,600 68,400 Common shares 78,660 63,460 Retained earnings 53,580 39,368 Total liabilities and shareholders' equity $197.980 $189,848 Total liabilities and shareholders' equity $197.980 Additional information: 1. Profit for 2021 was $26,562 2. Bonds payable of $22,800 were retired at maturity. 3. Common shares were issued for $15,200. 4. Land was sold at a loss of $3,800. 5. No equipment was sold during 2021. 6. 7. Net sales for the year were $257,640. Cost of goods sold for the year was $167,124. Operating expenses (not including depreciation expense) were $30,400. 8. 9. Interest expense was $1,900, 10. Income tax expense was $8,854. Prepare a cash flow statement using the indirect method. (Show amounts that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis eg. (15,000).) CULLUMBER ADVENTURES LTD. Cash Flow Statement-Indirect Method $ Adjustments to reconcile profitto Adjustments to reconcile profitto $ 1 e Textbook and Media